The cooldown period is part of the free event model included with the free cloud storage. If you opt to buy the CMC option at 1.50 or so per camera per month that removes the cool down period so you get all events. And the camera will record for the duration of the event not just the 12 seconds.
But there is no relationship between person detection and CMC. So when Wyze releases their new person detection it will most likely also be independent of CMC. Have to wait see I think. Of course you can always use SD cards as you have done. As far as I know that option will remain as is.