Even for external recording, there's a 29:59 minute record time limit imposed by the EOS R5 if you trigger the recording via the camera's record button. You can immediately restart the recording by pressing the camera's record button again once the timer runs out.
For extended RAW recording, users should enable the "Standby: Low res" mode on the EOS R5.
If you trigger recordings by touching the record button on the screen of the Ninja V+ and not the main shutter button or movie record button on the EOS R5, you can bypass the 29:59 minute record time limit. This allows for continuous RAW recording to the storage media inserted in the Ninja V+.