They limit recording because of file size. They can overheat when taking video, but it will take much longer than 12 minutes, and given the 4GB file size limitation they don't really have to worry about that. But on a DSLR you have much higher bit rates and are writing out/processing way more data than you would be on an iPhone and doing it with a crappier processor.
But I agree with others, OP should look for a time lapse app instead. Better quality for about the same amount of storage space needed (as you will have only 1 large frame every minute or so versus 60*30=1800 low quality frames, most of which you will be discarding anyways.)