In the early days of 4K video phones had 16GB or 32GB of storage and since then Android has been set to stop recording as soon as the file reaches 4GB, as defined by the Android API at 32-bit. Today, many devices start with the basic version with 128GB of storage, their processors are much more capable of handling 4K video recording, and the file system is now 64-bit.
So, Android 11 removes the 4GB limit and everyone will be able to record 4K video for as long as they want until their storage space is full.
The new setting is available in Beta 1 of Android 11 which is already live, however there are not many applications that take advantage of the removal of the limit. Anyway, Android is no longer the reason for the 4GB limit and its removal is up to the application developers.