Bricks, this is not correct. A FRIA only provides exemption from remote ID rules. We are required to comply with all other FAA regulations in a FRIA. The max size of a small UAS is 55 pounds. This is also the limit of AMA club guidelines.
There is not a hard 55lb limit on hobby-RC planes, that's precisely why the AMA has safety guidelines to help people build and fly large models safely.
The only FAA requirement for RC-hobbyists, NOT operating for profit, is that they operate in accordance with the safety guidelines of a Community Based Organization.
The Flite Test Community Association (FTCA) is also a CBO, and if you fly in accordance with the FTCA Guidelines, you are following the law. No need to both with anything AMA related.
RemoteID is separate from any CBO requirements.
So if you fly at a FRIA and are a member of the FTCA (and fly according to their guidelines), you don't need a RID module and you can fly over 55lbs legally, so long as you are NOT operating commercially (that would make you NOT a hobbyist).