G: Short answer: yes, partly — and the limitation you’re thinking of is real, but it’s not solved the way you might expect.

I’ll break this cleanly.

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Device context

You’re using the entity["company","AVerMedia Live Gamer Portable 2 Plus","capture device"] (GC513). It records directly to microSD when in PC-free mode.

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1. The 3.7–4 GB limit: what actually causes it

• FAT32 (often shown as “vfat”) has a hard per-file limit of 4 GB.
• Many capture devices therefore auto-split recordings at ~3.7–3.9 GB to stay safe.

So your understanding of the reason is correct.

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2. Does exFAT remove the limit?

Yes in theory, but no in practice for this device.

• exFAT supports very large files (terabytes).
• However: the Live Gamer Portable 2 Plus firmware does not support exFAT recording mode.
• Even if you format the card as exFAT, the device will either:
  • Refuse to record
  • Reformat it back to FAT32
  • Or behave unpredictably

Bottom line:
👉 You will still get split files on this device, regardless of card size.

AVerMedia explicitly designed PC-free mode around FAT32 compatibility.

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3. Can you format the card inside the AverMedia?

Yes — but only to FAT32.

• The device can format the card internally
• It will always format as FAT32
• There is no option to choose exFAT via the device UI

If you format externally as exFAT and insert it:

• The device will usually prompt to reformat
• Or silently fail to record

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4. What does improve with a 128 GB card?

Even though file size is capped, you still get:

• Much longer total recording time
• Automatic seamless file continuation (001 → 002 → 003)
• No dropped frames between segments (timestamps remain continuous)

This is usually fine for post-processing:

• FFmpeg / Premiere / DaVinci will join them cleanly

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5. Practical recommendation (no fluff)

• Leave the card FAT32
• Format it in the device (safest)
• Expect ~3.8 GB segments
• Join later in software

If you must have single-file captures:

• Use PC-connected mode
• Let the computer’s filesystem handle it (NTFS/APFS/etc.)

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One-line Japanese reinforcement (simple, grade-1):

日本語（にほんご）:
この 機械（きかい） は FAT32 だけ 使（つか）えます。
— This device can only use FAT32.

If you want, next step could be:

• exact segment duration at each bitrate
• best FFmpeg concat command
• or whether firmware updates ever changed this behavior (spoiler: they didn’t)