https://wccftech.com/android-11-could-finally-break-the-4gb-video-file-size-barrier/

It's almost 2020 and Android phones STILL can't record more than 4GB of footage at 4K 60 fps. The camera app doesn't stop recording completely, though. It's just that your recording will be split into multiple files. It happens even for 4K 30 fps for some devices. That could soon be changing with Android 11. XDA Developers stumbled a new commit in the AOSP Gerrit that will allow users to create video files that are larger than 4GB.

The restriction was put in place all the way back in 2014 when 4K recording was a rarity. Furthermore, phones didn't come with a lot of storage and SD cards weren't exactly very spacious either. It is what prompted Google to decide that Android’s video files would be no larger than 4GB. Another reason for the decision is that FAT32 SD Cards wouldn't be able to recognize such files.