Local recording to the SD card and event clips sent to the cloud are totally separate. You can record continuously or event only to the card with no cool down.
However, there is presently no way to eliminate the cool down for the event clips sent to the cloud. You can vote for the the option for paid cloud storage to reduce or eliminate the cool down at the link below. Be sure to click the VOTE button at the top. It is currently in the “researching” stage with Wyze.