As I understand it, this is the expected behavior for the Video Doorbell v2 when operating without a subscription. After its initial release, there was actually a 5-minute cooldown on the doorbell button presses, but Wyze officially responded in another topic about that, and it was addressed in a firmware update in December 2023.
I’m using a microSD card for continuous recording (one of the points that sold me on this model) and using it without a subscription, so I don’t feel like I’m really missing anything significant.