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Hi John,
Your battery will not run out. The K7 requires a minimum current when idle.
If the voltage drops below 12.5V, the parking mode will be disabled to prevent your battery from being drained even more.
The yellow wire automatically switches the K7 on and off. So you cannot forget to switch the K7 on and off. The yellow wire is a control wire, the voltage that the K7 needs to work comes via the red and black wire. So you have to connect all three wires.
You can switch off parking mode in the app. Given the minimal power consumption, I will leave it on.
If you switch it off, you will see that you need a parking mode recording at some point, and then you do not have it.