Recording and saving a recording are two different things.
At a simplistic level… and also based on how it use to work when we had to remove the media from the car to view a clip (so had to access raw folder video files thankfully unnecessary these days no matter how crude the in car viewer is) so may have changed slightly.
If you have dash cam enabled then it will ‘continuously’ record the last 60 minutes. More than 60 old footage will be ‘overwritten’ - as I said, a simplistic view.
However, it doesn’t actually record continuously. It mostly records in approx 60 second chunks but as it takes a little time to move the approx ‘60’ second chunk to some place a bit more permanent like your memory card, you don’t actually get the whole ‘60’ second chunk - you might get a few seconds less than 60 seconds, then a few seconds gap before the next ‘60’ seconds starts.
As mentioned before, recording and saving is not the same thing. If you do not save these ‘60’ second clips then they will be lost.
To save a clip, historically you had to press a button on the screen. But more recently Tesla added the option, if enabled, to press the horn to also save the clip and even more recently an external serious event (believed to be initiated when airbags are deployed) to do the same.
When you save a clip you effectively cut short the ‘60’ second process. This will then move the last iirc 10 minutes worth (ie 10) of recorded clips to a new area on media card iirc ‘saved clips’ folder and more recently add a bit of meta data like location.
However, like when the 60 second cycle skips a few seconds the save clip action will also take a finite amount of time. So in addition to the 60 second clips only really being 57/58 seconds long with a few seconds gap, you also get disruption from saving the clip.
This all adds up to the potential of missing exactly what you intended to record.
The work around, wait a short amount of time until we’ll after the incident and hope that it didn’t occur in one of the missing gaps in the 60 second cycle. Which is unfortunately not necessarily how you would time using the horn.