I don't think 5000 is a limit for the cam itself. It probably has something to do with how the file/thumbnail handling has been implemented in the phone app. No phone will be able to display 5000+ files at once, the screen is to small and/or users won't be able to read them.
And all phones these days are multi core/multi threaded. So there too, is enough compute power to handle the file count. But bad programming will bring down the fastest computer, and I fear that is the case here.
Display, lets say, 10 thumbnail at a time and let the phone compute the rest in the background. UHS-I has a limit of 30MB/s, that will probably be a bottleneck.
Or don't display thumbnails, just names, especially on larger cards.
But a soft limit, 5000 or any number for that matter, is just silly/lazy programming imho. They did that in the 80's when 12" spinning disks would hold max 12MB data, these where slow.
Nowadays, that argument doesn't stick.
It would have been nice if Viofo had mentioned the file count limit and the impact of that limit, especially when they mention they support exFAT and 512GB microSD cards. Which as it stands, they don't, it is limited.
I hate it when companies lie in there communications