The web is full of conflicting information when it comes to best advice for  GoPro camera settings.  The main reason for this is that everyone has a different use or purpose.  Even those of us that use GoPro camera to film from the air have different subjects and filming environments.

My goal here is to show you what I set my equipment to, why I chose those settings and give you an example of the results.  There really aren't any wrong answers but some settings will work better for you depending on your filming environment.  These settings work well for me.  If you have similar uses, you should get good results with these recommendations.  Always keep in mind that changing just one thing in the workflow will likely affect everything else.  For that reason, your mileage may vary.

As you can see from the video, higher resolutions provide much more depth.  The trade off is a lower frame rate (30fps at 2.7K compared to twice that rate at 1080).  For me, the depth at 2.7K is worth the lower frame rate.  While I typically don't shoot high speed subjects, many people slow down the higher frame rate to smooth out the shot.

Your needs may be different, but for my shoots I use 2.7K.  Hopefully this helps you see why.