Yes, every 10 min the camera starts a new video file and when the card is full, it will delete the oldest file(s) to make space. 3 and 5 min loops are also popular.
File sizes are dependant on the video resolution and options you choose. I'm recording at 2k,30fps,mp4, so yes a higher end 4k sensor will roughly double to file sizes. Cards aren't that expensive, so don't worry about file sizes, single camera get a 32 or 64gb, dual cam go with a 128gb.
If you are worried about corrupted cards, get two and swap them out periodically. Always get a good quality high endurance card, this is not the place to cheap out.