How to Pull Audio Out of a Video and Use Built-In Sound Effects
TL;DR
Extracted audio and imports go to a materials library for reuse across projects. Sound effects include notifications, alarms, transitions, game, sci-fi, office, percussion, nature and ambient tones.
Choose a video from Photos and keep just the sound. Or start from the built-in sound library.
File exports under Ringtones, Alarm or a category you create, and search them later.
FAQ
Are my recordings uploaded? No. Projects and audio stay on your device.