Refresh Rate on M1 Max with external monitor

Hi, I recently bought a 16 inch M1 Max MacBook Pro (64GB 32-core GPU 2TB SSD) and I am experiencing refresh rate problems when connecting it to my external monitor (49 inch ultrawide 32:9 Aspect Ratio 120Hz 5120x1440) using a high speed USB-C to Display Port Cable (link to the cable on Amazon https://www.amazon.com/dp/B08B3XNZGS?ref=ppx_yo2_dt_b_product_details&th=1)

The refresh rate of the external monitor resets to "Variable (48-120 Hertz)" every time the monitor or computer goes to sleep meaning it happens very often, when it is on this setting the monitor's light increases and decreases slightly but it is enough to notice and bother you (The external monitor does not support variable Refresh Rate). Then it recognizes that my monitor is capable of 120Hz and gives me the option to set the monitor to 120Hz stopping the light flicker but when I do so it gives me 60Hz, I tested it using UFO fps tester online. And when I set it to 60Hz it gives me 30Hz. Is there any way to fix this? Hopefully Apple fixes this bug in a not so distant future update.