Spatial Audio option not even showing up

Just upgraded to Monterey 12.0.1

I saw that spatial audio is supposed to be available with my AirPod Pros, but I don't even see the option to select it. Several blogs and YouTube videos show the option under the audio selection dropdown, but it doesn't even show up there for me. All I see is the option for Transparency or Noise Cancelation.

Am I missing something?

I'm on a 16" 2019 MBP with the Intel chip. Any advice?