I use a combination of three tools.
First I record the flight with FlightControlReplay (see here for more details). It’s available from SimMarket (exclusively I think). It’s about 20 euros, but is a great replay tool.
Then I replay the flight in chase camera and record it using the built in video recorder with nVidia GeForce Experience. This gives an mp4 file output.
Lastly I use Adobe Premiere Elements (their basic video editing software) to “timestretch” (actually time compress for a timelapse) the mp4 video by about 30x which creates the timelapse effect.
It sounds difficult, but pretty easy really. Adobe Premiere Elements isn’t that cheap (about £80 maybe) but I had it anyway for other reasons. I’m sure there lots of other video editing software that will be able to do the same thing.
FlightControlReplay is really good - you can do all sorts of things with that - have a look at some of the videos in the link above.
Hope that helps!