Ahh so the record is a very early feature with not much functionality. It will improve with time though.
The idea is that you set the start, move the camera, then the end and it does a pan , track, dolly whatever you want to call it (no rotation) on that path
if you click anywhere it cancels.
If you set your screenshot resolution to high, it means you can record a very high resolution image sequence that you can then use in an editing package to get 60 fps, which other wise would be impossible due to the frame rate.