M4V has an unfamiliar extension that some upload forms and editors reject, and iTunes-store files are copy-protected. MOV is what Final Cut, iMovie and other Apple tools prefer. An M4V file usually holds H.264 video with AAC audio. M4V is at home in videos for Apple devices and iTunes; MOV is the usual choice for recording and editing on Apple devices.
The defaults suit most files. Under Options you can lower the resolution, trade quality against file size, remove the sound and trim the start and end. This is demanding work for a browser: a long or high-resolution file can take several minutes, and your device does all of it, so keep the tab open.
The conversion uses your browser's own video and audio codecs (WebCodecs), with hardware acceleration where the device has it; the file is read from disk as it goes and can be up to 2 GB. Where the browser lacks a codec, the page falls back to the compatibility engine. A video over 500 MB cannot be kept at full quality in browser memory; choosing a lower resolution or quality under Options lets it fit.