Video editing is one of the most computing-intensive activities around, so you'll want the best laptop or desktop you can afford if you're serious about cutting your own movies. Most applications help speed up the editing process by creating a proxy file of lower resolution, so that normal editing and previewing aren't slowed down by the huge full-resolution files.
Videoshop is a powerful video editor for iPhone, that will let you perform a plethora of operations on your videos. You can record clips directly from within the app, or import them from your camera roll. Once you have done that, you can add text to the clip, add narration, merge multiple clips into one, and a lot more. You can also add tilt shift to the video, and add transitions between multiple clips. The tool is definitely very powerful, and you can perform a lot of manipulations on your videos using Videoshop.
If your camera exports a spherical fisheye or dual fisheye footage, some editing softwares require you to convert your footage into equirectangular format before you can edit them. Others, like Pinnacle Studio will work with these and convert them into equirectangular format for editing. If you have a device that captures your footage by stitching multiple cameras together (ex. a device that holds 6 GoPros to capture all 360 degrees), you will still be required to use stitching software to create a 360 file, video editing and stitching software are two very different things.
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