Yes, the Insta360 Ace Pro 2 is compatible with the SanDisk Extreme microSDXC UHS-I 128GB.
Insta360 Ace Pro 2 has a microSD-only card slot. This card fits directly, no adapter needed. SanDisk Extreme microSDXC UHS-I 128GB is V30 class. Meets the floor for: 4K30 (30 MB/s floor). (Peak write 130 MB/s is not evidence of sustained performance; the V30 class rating above decides this.)
“Please use a Micro SD / TF card that meets the UHS-I, V30 or higher specifications and is formatted as exFAT.”
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