what sample rate are you recording at? The buffer size / file size limit is set at 250 MB at the moment from what I can see, much larger than 16 MB. At 48khz stereo 32 bit you can record 651 seconds in 250MB, or about 11 minutes.
If you recorder indeed stops at 120 seconds maybe you were recording at 192khz, stereo 32 bit? that is about 1.5MB/s so that would be around 160 seconds or so.
if you are recording at 48khz / stereo and the recorder stops automatically after 16MB then this is a bug and we should fix it.