Yes,  the "Switch the video dynamically when recording Teams video calls" feature allows user to control the specified video channel dynamically when recording the Teams video calls.  That can start/stop the specify video stream during the Teams video recording .  e.g. It just need to click the Stop recording button under other video channel if you want to record your video image only. It will show your video only on output video file.  Also can stop recording your video to record the remote video only as your need. 

If you want to exchange the video position on picture in picture video recording mode, that just need to click the arrow icon to exchange caller and callee video position.