Does it?

No, it doesn't. Gopro actually hss gps and sensors built in, most dji cameras don't (does any?). You need extra hardware, or provide the data yourself. While in gopro you just enable it on the clip.

Of courses, for more advanced stuff you might want to provide the telemetry yourself (like the gopro doesn't know your wattage). But it does have much more than dji out of the box.

I guess I should say it has some capabilities in this area.

Been a while since I used it, but it will generate the overlays and you can sync it with your ride data (eg Strava or Apple Health in my case, but iirc it also supports Garmin Connect).

There are some capability differences between the mobile app and the Insta360 studio desktop app.

I'm pretty sure it handled multiple files, but in my case they were the chunks that the camera splits its recording into, which is a bit different than than having multiple clips as you described.