They'll both just save the last session in whatever length and quality you've set it to, rather than just the fast lap
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For example: High quality and max filesize will save the first two hours (or the last.. Been a while since I had it activated), Ultra quality can save up to an hour.
I find it easier to just record footage live, once I've got up to speed and then just edit the quick lap.
Another, and perhaps easier way would be to record the lap from a saved replay. No editing required.
I use paid recording software, but anyone could use Afterburner/OBS etc.
As for controlling the game in VR, I just have my kb/m next to me on a footstool, as I'm just using a wheelstand and an Ikea chair lol.
Maybe see if you can get your hands on a relatively cheap wireless keyboard/trackpad thing, or run a long USB cable? I dunno
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