As I already know I think as right now it’s not possible to recorder on your iPhone will using the continuity camera on the Mac. I have been able to try it out and you can’t even you your iPhone will continuity camera is active on your Mac. You will still receive notifications if your phone battery is lower then 20%. If you use your phone will the continuity camera is active it will freeze the video on your Mac.
Armand06
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It’s only available on the newest Apple Watch models. Starting from the series 6 and SE to the newest.