I have been usaing my Mini 2 on 4K but I have found that the processing after editing my videos on my laptop has been taking hours which I believe is down to the 4K quality videos. Can anyone explain (In plain English/Laymans Language) how much quality of the video I would loose if I change to either 2.7K or 1080 or the videoing , editing and processing that I do. I should add that I am not filming for commercial purposes so I do not really demand the highest possible video quality, all I am after is an acceptable/descent quality of video.

For this reason I am shooting 2.7K on my Mini2 too.
I don't see a big difference.
Most viewers will watch on smaller screens anyway.
But if you want more opinions you might be better off posting your question in the 'products' section of this forum.
That is way more active.
Just create a new thread here : https://forum.dji.com/forum-129-1.html and select the right category / subcategory.

You can use proxy files generated by your editor to speed up editing.