Weight grows with width × height × number of frames. Going from 480 to 800 px wide nearly triples the pixels in every frame, and going from 10 to 20 fps doubles the frames. For screen recordings and interface demos 10 fps is plenty; keep 15 or 20 fps for fast movement such as sport or gaming.
“Balanced (256 colors)” builds one palette for the whole animation, so colors never flicker from frame to frame. “Best (new palette per frame)” lets each frame pick its own 256 colors, which helps when the clip cuts between very different scenes, at the cost of a larger file. “Smaller file (64 colors)” suits flat graphics and app screens but shows banding on skies, skin and gradients.
When the estimate goes past 10 MB, filetidy warns you, because many apps and sites refuse GIFs that heavy. Shortening the selection is the most effective fix, then lowering the frame rate, then the width.
A GIF is the wrong choice for anything longer than a few seconds, anything that needs sound, or footage where image quality matters. Most chat apps, social networks and web pages play short MP4 loops, which are many times lighter and keep millions of colors; in that case trim the video and send it as MP4, compressed if needed. Keep GIFs for places where a video won't play by itself.