Reduce the detail of the game, reduce fps (half the fps results in half the file size), reduce resolution (half the resolution results in a quarter of the file size). A different encoder might result in different file size.
If you don't want to reduce these parameters: no, a certain amount of quality needs a certain amount of file space. Your file size is somewhat large for 1080, even slightly huge, but if your game is high motion and highly detailed, this might be required. As far as I remember, using x264 with low CPU preset creates extremely large file sizes with questionable quality.
You can of course always switch to advanced output mode and use a quality based rate control, then experiment with the quality parameter. Simple mode uses a fixed set of parameters here. Quality based are rate rate controls where you don't set a bitrate. If you're using simple mode and look in the logfile and search for a recording session, you will see which parameters were actually used, so you can replicate these in advanced mode.