Currently, it's not possible to record in cinematic mode. However, there are two options:
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Apply an AI Filter to your recording: With Detail filters you can adjust the blur and customize various aspects, as well as a prompt the app to add a filter to your video from any movie, series, or style. While not identical to cinematic mode, the results are comparable. To find filters, tap the down arrow on the left menu (β) and tap AI Filters
Record in Portrait mode: Before recording your video in a new project, swipe from the top-right corner to the center of your iPhone to open up the controls. At the top you will see Detail Controls. The bottom option is your camera and you can turn Portrait on. This will give a similar affect to Portrait Mode in the iOS photo camera.