It is better to use x64-bit version of a tool taken from
Oliver Betz's Page (https://oliverbetz.de/pages/Artikel/ExifTool-for-Windows)
It allows to export metadata to a file however does not fully form a GPX file as an output.
In my case I've got a file with hundreds of thousands strings like:
gpx.fmt
gpx.fmt
gps.fmt
Split from here (https://exiftool.org/forum/index.php?topic=13189.0) as the problem isn't with INSV (Insta360) video file.
When you have gpx.fmt over and over like that, it means that either you haven't downloaded/created the proper gpx.fmt file or you haven't given the correct path to the gpx.fmt file.
The gpx.fmt file can be found on GitHub (https://raw.githubusercontent.com/exiftool/exiftool/master/fmt_files/gpx.fmt). Save it to either the current folder that you're running exiftool from or somewhere where you know the full file path.
Then, if the file is in a different folder, make sure you use the full path. For example
exiftool -p c:\path\to\gpx.fmt -ee3 file.mp3 > out.gpx