does it go on in game time or RTA time?

Game time, same as with PC..

Always IGT. You can have an RTA timer too, but even if the RTA timer is linked to game time (which isn't possible on console anyway) it must be IGT. Needs to be a full recording from start to finish, no breaks so like, dark screen unless loading, higher than 15FPS, full audio, no screen freezes for longer than 5 seconds; and IGT must be displayed at the end (after skipping all end credit scenes)