I'm having the same issue as everyone in this thread. I have a 2020 six-core Intel iMac with 16GB RAM, 500GB SSD with nearly 300GB free, a 2TB external hard disk, Radeon Pro 5300 GPU and running the latest version of Monterey. My capture setup is a generic USB HDMI capture device, which connects to an AV-to-HDMI converter box that takes the video signal out of my VHS player.
I use QuickTime as a first step in digitizing VHS tapes. I record in QT first, then import it into Final Cut Pro for further editing and color adjustment. Before Monterey, I was able to record using this setup without issues. Last night during another recording session, I too discovered that QuickTime only records up to 10:55 with the vague error "Recording Stopped". What got recorded appears to be fine both audio and video right up to the 10:55 mark. I am running no other applications other than Amphetamine to keep the display from sleeping during recording. Amphetamine never interfered with the recording process under Big Sur. I have set recording quality to "High". I have yet to test and see if "Maximum" changes anything.
I reached out to Apple Support on Twitter, and they suggested creating a new user account as a troubleshooting step. I did that, and under that account, QT recordings don't suddenly stop at 10:55 like they do under my main account.
I have yet to test and see if this recording bug affects any capture device I connect to my iMac, though judging by the other replies, those devices may see the same issue. This is a rather severe QuickTime bug that only affects my main user account. It's rather annoying that I may have to possibly create either an entire separate user account just for recording video from my device or find a different app for recording.