The free version can still only export 720p, but the "Create license" that I bought on sale exports 4k. I'm not sure on how it differs from 6 years ago, I just started using it like 6 months ago so I can't answer that for you. You could try the free version just to see how it works, and if you think you might like to use it and it's worth paying, wait for a sale on it. I wouldn't have paid the standard price of $160 but for $80 it was worth it to me instead of having to transcode everything before editing.

I will say though, that before Lightworks I used Davinci Resolve and the transition was absolutely seamless. That might be different if you're doing more advanced editing, not sure. I don't do any advanced video editing, very basic things, and I'm learning as I go, so take that into consideration.

The alternatives that I considered were using DR in Windows, but I just can not stand the workflows of Windows. I feel like I'm wading through 3ft of shit whenever I have to use it for something. Or using something like Kdenlive, but felt that wasn't quite as refined as either DR or Lightworks just yet, but I'm sure it will be eventually.