ffmpeg -ss 00:01:30 -to 00:02:45 -i recording.mp4 -c copy clip.mp4-c copy copies the streams as they are, so it's instant and lossless. The catch: it can only cut on keyframes, so the start may be off by up to a few seconds.
If you need the cut to land exactly where you said, let it re-encode:
ffmpeg -ss 00:01:30 -to 00:02:45 -i recording.mp4 -c:v libx264 -crf 18 -c:a copy clip.mp4