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Proxies and audio
Proxies: you edit on proxies, so they matter. The camera records a low-resolution proxy file alongside each recording, LRV on Insta360 cameras and LRF on DJI cameras. Two Left Wheels 360 turns it into a stitched proxy in the editing pack's Proxy folder, available as soon as you add the recording.
Copy the proxy files from the camera together with your recordings and keep each one in the same folder as its recording. When a recording has no proxy file, Two Left Wheels 360 makes one in the background. That takes about as long as the recording plays, and the recording is slow to edit until it is ready. The made files are kept. To edit such recordings from their full-size files instead, clear Make a camera proxy for recordings that came without one on the Editing tab of the editing pack's settings.
Stitched proxies: with Make stitched proxies in the background on, the default, Two Left Wheels 360 stitches each proxy once into a video file when you are not editing, and switches to it when it is ready. Your editor sees no change, except that proxies respond faster after a cut or a click and leave the graphics card to your editor. The files take disk space, about twice the camera's proxy files, and are removed with the editing pack. When you change an editing pack's settings they are made again. See How it works, in detail.
Audio: every clip carries the original camera audio. With Prepare the audio before editing on, the audio is read when you add a recording, so it plays without delay in the editor.