That sounds about right. If you have a 10 minute window, and a max of 40 vehicles or so, there probably wouldn't be too many of them that match the description.
Ideally, there'd only be one likely car, but it's probably going to be a few. Flock will allow a search for a time frame, color red, and Toyota Camry... though if we're not positive about make and model, might want to first search under red sedan. So it's not like you'd even have to look at 40 vehicles. Just see what matches at that location and vehicle description. From there the officer can obtain registered owner info from the license plate.
If we got super lucky, and the Flock camera was that close, it would be really good evidence of it actually captured a still shot of the passenger holding the bag out the window ready to throw it.
Also, if this was just past Fremont PD, might they have other city owned live cameras, or LPR cameras, in the area, in addition to Flock? The Flock LPRs only take still images, but a city maintained video surveillance camera would have video footage, that could help.
Beyond that it becomes more tricky to identify the suspects involved. It's a little weaker, but even the driver could be charged as an accessory, or conspiracy, or something.
Finally, if the police were able to positively identify the vehicle, but never developed enough evidence to charge anyone for a crime, you could still use the information in the report for the registered owner of the car and talk to an attorney about a civil lawsuit. The standard of proof is a much lower preponderance of evidence in civil court compared to guilty beyond a reasonable doubt required to convict someone in criminal court.