It helps me to think of local vs. cloud recording. Starting with local recording. If you choose local event based recording then your camera will record to the SD card when it detects either motion or sound. These local recordings are typically 1 or more minutes long and occur whenever a motion or sound is detected.
Or you can choose continuous recording. In that case the camera records 24/7 to the SD card. These recordings either the local event or the local continuous recordings can be viewed within the app by selecting View Playback from the Live View screen of any camera equipped with an SD card. They will remain on the SD card until the card fills up and they are overwritten.
Cloud based recordings are event based, meaning they only happen when an detected event (Person/Motion/Sound) is detected. Then a 12 second long clip is uploaded to Wyze’s cloud storage. Following a recorded event clip the camera enters a 5 minute cool down period during which no further clips of the same type are recorded.
The cloud based clips are accessed via the Events tab or button at the bottom of the screen. And yes you can do both with no ill effects. For the official documentation have a look below.