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Steam announces game recording beta.
(store.steampowered.com)
This is a most excellent place for technology news and articles.
I've seen initial reports that at least on Steam Deck it's far less impactful than any other recording solution available so far (decky recorder/obs/whatever). Like you though I'm interested to see a detailed look at how it does on a standard Windows gaming PC though, where you've already got well established low impact solutions like Shadowplay or Relive.