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Not sure if this helps. I did the following on my mac and it converts the video to mp4.
1. Locate Transcode.app by going to Finder, 'Go', 'Go to Folder' and type in /Applications/zoom.us.app/Contents/Frameworks/.
2. Copy Transcode.app to /Applications folder (make a copy by dragging holding 'option' key.
3. Add Transcode.app to allow full disk access on 'Security & Privacy'.
Once this is added, videos on local recording will be converted to mp4.