Yes this is possible by making use of the (experimental)
overlong-recording parameter in Clipchamp API plans that include this feature. Please see https://clipchamp.com/developers for all API parameters including this one.
You can still limit the maximum length at a value higher than 300 seconds by setting a numeric value (number of seconds) in the
Please note that longer video recording is only supported in Chrome, Opera and Firefox at this stage due to its experimental nature.