Last night I taped Jimmy Eat World with both the Instamic Pro Plus C Stereo and the Insta360 Mic Pro in "cardioid" mode. Being that I had them mounted on different areas of my person, I can't offer a true A/B comparison, but my initial observation is that the Instamic Pro Plus C sounds significantly mid-scooped compared to the Insta360. The Instamic has mega high and low end, while the Insta360 sounds pretty neutral to me, but bass-heavy. I may actually try the bass roll-off feature next time, but all-in-all, the Insta360 sounds far more accurate to what I heard in the room. Both setups will require EQ for a more pleasing final result, but I think the Insta360 is a far easier jumping off point than the Instamic. My hunch is that the Instamic has some built-in V-shape coloring for content creators so that audio sounds "sweeter" right out of the box.
The Insta360's 32-bit stereo does seem to be legit; all peaks were recovered after normalizing in Audition. Also, the included windscreen with the Insta360 seems to do the trick; the venue I was in last night, a covered outdoor amphitheater, has huge fans on the ceiling to keep the crowd cool, and I have not yet detected any wind noise from those.
Do note that the Insta360's app does the same thing that the Instamic's app sometimes does, which is that the app/your phone disconnects from the device while recording. This does not stop your recording, it just unpairs your phone and the device to use the controls via your phone. When I noticed this after the show was over, I simply turned off the Insta360 manually with the power button, and all was well; the entire show was still there. I'm not certain what would happen if you tried to re-pair the device to your phone. Ironically, the Instamic app kept ticking the whole show!
I'm very keen to continue experimenting with the Insta360. At $99, only time will tell how the unit holds up, but there's serious potential for our uses here.