Can't change display refresh rate on MacBook Pro 16"

Per Apple, the display refresh rate can be changed on all 16" MacBook Pro models (Change the refresh rate on your 16-inch MacBook Pro or Apple Pro Display XDR - Apple Support). Supposedly this is done by going into System Preferences > Displays. The support article says there should be an option for changing the refresh rate, but whenever I go into the display prefs, the option for changing the refresh rate does not appear.

Am I missing something? Where is the option to change the refresh rate of my screen? Is there a terminal command or some workaround that would allow me to change the refresh rate?