Yes. Hyperlapse videos can only be rendered from videos that are 20 minutes, or shorter, in length.
Original video captures that exceed the 20 minute limit can be trimmed with Microsoft Pix to a shorter length before applying the Hyperlapse feature.
TIP: Duplicate your original video before trimming by tapping the "Share" option on the bottom left of the one-up gallery view, and then selecting "Save Video" in the iPhone menu. This will create a duplicate video in the gallery and preserve your original.