You should check your own log
10:27:42.254: [ffmpeg muxer: 'adv_file_output'] Writing file 'C:/Users/User/Desktop/Valorant 2022/Videos/2022-06-10_10-27-35.mp4'...
...
10:28:32.724: Output 'adv_file_output': Number of lagged frames due to rendering lag/stalls: 12 (0.2%)
10:28:32.725: ==== Recording Stop ================================================
10:28:32.727: Video stopped, number of skipped frames due to encoding lag: 150/6075 (2.5%)
First and only warning I'll give.. I don't help those who ignore OBS's huge warning about NOT recording to MP4. don't. Advanced users, who understand the risks, and wouldn't ask questions like you have, can get away with it.. sometimes (and sometimes lose their recordings). enough said
As to your issue. simple you are trying to record at 120fps with a computer that can't keep up with that. Solution - faster computer, or lower your recording demands (optimizing Win10 OS might also help, but... ) start with dropping to 60fps, record to MK4 (remux if you must) and testing again