Hi Nilam,
That error indicates the kvrReframe360Ultra fuse did not load correctly. Sometimes the issue comes down to accented characters in file paths, a permissions issue on the folder where the Fusion.prefs file is located, Reactor PathMap preference saving, or other problems.
If you want to get down to working with your Insta360 media quickly, a simple solution would be for you to explore the
Reframe360XL OpenFX Plugin. This route bypasses the use of a fuse plugin.
Regards,
Andrew