Can I record video in Android Studio in another format, instead of WebM?

You can still record videos from the command line:

adb shell screenrecord /sdcard/video.mp4

When you are done recording, press Ctrl+C.

Then you can copy the file to your computer (current folder)

adb pull /sdcard/video.mp4

If you want you can delete the file from the sdcard

adb shell rm /sdcard/video.mp4

I found this solution from issue tracker which posted in question comment and deleted answer.

Just need to uncheck Use Emulator Recording (webm) after you start Screen Record in Logcat.
Then the recording will be mp4 format