Yes, Fraps is consuming a lot of disk space and there is nothing to do, no extra plugins or settings.
Other than choosing to capture in 480 or 720HD.
It also consumes more disk space if the game that you are capturing has advanced graphics, very detailed. But if you capture a static game like Hearthstone,
it will consume less disk space.
From what I’ve noticed, capturing for 40 minutes at 480 will take about 100GB.
Capturing also for 40 minutes at 720HD will take around 200-250GB.
So be sure you have enough disk space. You can even buy a 1-2TB hard drive only for Fraps. It won’t matter if your resulted file is 100GB or bigger.