I converted some MTS files to ProRes 422 using Pavtube iMedia Converter, and then I remembered that Clipwrap does the same thing, except that it "wraps" MTS files to ProRes with no converting needed. Does converting them the way I did in iMedia Converter result in quality loss or is it no different from using Clipwrap? Thanks.
You can't "wrap" a file from one codec to another without converting.
Whether there is any quality loss when converting between codecs depends on the algorithm used in the conversion process and the data rate. (I'm not in a position to compare the software you mention, sorry).