Can't find the option to enable lossless in music settings - iPhone 12 pro - iOS 14.6
I updated to IOS 14.6 > navigated to settings > music > on option called "Audio Quality".
Only thing i found is Mobile Data Streaming (none / High efficiency / High quality (256 kbps).
I live in Ireland if that makes a difference, just updated to IOS 14.6 today (26th may 2021)