I have the same problem, but only when recording is set to 1080p. I have this with two BRIOs.
Setup: Mac mini M1 16G RAM, MacOS 12.0.1 Monterrey
2x Logitech BRIO cams, going via USB hub in my monitor to port on back of Mac Mini. I use two copies of Quicktime so I can record two cameras at once (why this isn't a native feature, I'll never know).
I used Logitech Camera Settings to set the zoom on both to a custom level, so one is more cropped than the other, and both are more zoomed than minimum. Otherwise standard settings.
If I set to "High" resolution, QuickTime seems to record indefinitely. I haven't tested this, but haven't had a problem up to 20 mins.
If I use Zoom, both cameras work fine indefinitely. Again, haven't tested this, but have had meetings over 1 hour with no problems.
If I set to "Maximum Resolution", QuickTime just stops recording at 10:56, on both cams with no warning. I have a feeling that once it worked for longer, but that seems unreliable at best - most of the time it stops.