I shorted the video to under 120 minutes, so why isn't it uploading?

I've definitely had significantly long rendering passes with SL360 during publish on very large video-rich courses, especially when combined with upload to Reach360 selected.

Things that helped me:

- 2gb is the maximum video file size, but really you should be aiming lower than that for your source videos. Duration shouldn't matter, unless there is some missing documentation about that from Articulate (see https://www.articulatesupport.com/article/Storyline-360-Best-Practices-for-High-Quality-Images-and-Videos)
 
-I have found using 4K (3840 x 2160) video as my source causes huge rendering slowdowns or stuff like  unrecoverable publishing freezes overnight during publishing, and wasn't worth the typical benefits associated with uploading higher quality video intended for downsampling into a more space-efficient codec like Storyline uses. I've since swapped everything to 1080p (1920x1980) outputs, VBR compression method. VBR is super important if you have a very large video where the screen doesn't have a lot of motion happening on it for a long time (example, PowerPoint presentation screen capture with talking type-stuff). Adobe Media Encoder is great, but you can do a lot with something like Handbrake too if you're just looking for a tool to help on that front.

-Adaptive Video Quality from the SL360 Publishing menu is amazing for user experience, BUT extremely bad for very large video files because it will render out multiple different quality versions of your huge video file, which will both make the zip enormous, and also dramatically extend publishing time. Static is your friend for testing. I've found 7 to be acceptable for rich animated video content. 5 is perfectly fine for a lot of video content that doesn't have a ton going on besides captures from slide decks and screen captures of people demoing stuff on web browsers etc.

Hope some of that is helpful. You can certainly edit video in Storyline, but depending on what's going on here, some other tactics might need to be employed.