I would lock geometry before the creative match. Choose the Insta360 reframing, horizon and approximate field of view first. Otherwise you are comparing shots that may still change composition and apparent perspective.

Then normalize the technical image: source transform if needed, white balance, exposure and basic contrast. Creative matching comes after both cameras are in a sensible baseline state.

Do not try to match sharpening with color controls either. Action cameras often have different edge processing. If one source looks more brittle, a small reduction in local contrast/sharpness may be more appropriate than changing saturation.

Skin, neutral objects and the sky are useful references because they reveal white-balance differences quickly.

In VSDC I would build a simple source-level correction for each camera family, then apply shot-specific adjustments after that. That keeps the X5 clips and the DJI clips internally consistent before you begin fine matching.

For the 360 shots, finish the reframe first. For DJI D-Log M, normalize the log source first. Then compare the two normalized shots side by side.

Motion character matters more than I expected. The X5 third-person view can feel very floating, while the helmet camera feels direct and aggressive.

I actually stopped trying to make them look like the same camera and started using that difference intentionally: wide floating establishing shots, then direct POV for the action.

That is probably the right goal: consistent enough that the cut is not distracting, but not so identical that I erase the reason for using two camera types.

I will normalize source interpretation and color first, then let perspective and motion remain part of the visual language.