Time lapse recording are one of the parking mode options, i would personally use the low bitrate constant recording option.
I have not tweaked exposure settings though i do use CPL filters.
I pretty much run with the stock values on dashcams, only things i look at / change are :
Bitrate / image quality, i want this to be as good as possible.
I then set my time zone to +1 for Denmark ( +2 with summer time )
I want my file length to me 3 minutes.
I put in camera model number as plate stamp.
LCD screen i set to go out as fast as possible, unless its a new camera i have gotten to test in which case i want LCD on always for a while to test the camera as hot as possible.
Resolution in the case of the V3 i would set to 1440p
When i get to try parking mode ( don't have that option yet ) i will use a 12.2 V low voltage cut off, and for the parking mode i will use low bitrate always recording, maybe with a cut off timer as i only need parking guard while shopping, so 1 hour timer shut off will be fine.
I have CCTV on my car at home, and most places i visit, and it is rare i go elsewhere out on the town where i would like parking mode, not least for a longer period so no need to put too much strain on car battery and so i would use a shut off timer if it was a option.