The new iMove doesn't seen to have an option "Share as App Preview", so I just exported it as a file and scaled to size 1080x1920 with avidemux (codec MPEG AVC, MP4v2 Muxer). Checking the format: codec H264, duration 29sec, 30fps — just as required for App Preview.
Uploading to AppStoreConnect with Safari browser as App Preview for 5.5" iPhone, I get no complaints and even can see some frames while uploading. However, after the upload is complete, a cloud icon appears instead of the video. After I refresh the page, the cloud icon turns into exclamation mark(!).
Also tried uploading 1920x1080 image for macOS — same result.
Searched on the web — couldn't find any meaning of a cloud icon for App Preview video.
The reason was missing audio. I assumed the audio to be optional, but it is required and in AAC format.
Actually iMovie creates the sound track correctly. You only need to resample the video track from 60fps to 30fps and adjust resolution.
As about cloud icon, it just means that the video is in processing, which may take a while. If the video is correct, refreshing the page keeps cloud icon, until the processing is complete.