DisplayPort Dual-Mode (DP++), also called Dual-Mode DisplayPort, is a standard which allows DisplayPort sources to use simple passive adapters to connect to HDMI or DVI displays.
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Devices which implement dual-mode will detect that a DVI or HDMI adapter is attached, and send DVI/HDMI TMDS signals instead of DisplayPort signals. The original DisplayPort Dual-Mode standard (version 1.0), used in DisplayPort 1.1 devices, only supported TMDS clock speeds of up to 165 MHz (4.95 Gbit/s bandwidth). This is equivalent to HDMI 1.2, and is sufficient for up to 1920 × 1200 at 60 Hz.
In 2013, VESA released the Dual-Mode 1.1 standard, which added support for up to a 300 MHz TMDS clock (9.00 Gbit/s bandwidth), and is used in newer DisplayPort 1.2 devices. This is slightly less than the 340 MHz maximum of HDMI 1.4, and is sufficient for up to 1920 × 1080 at 120 Hz, 2560 × 1440 at 60 Hz, or 3840 × 2160 at 30 Hz.
from wikipedia article:
https://en.wikipedia.org/wiki/DisplayPort#1.2
so on your "older" 2019 model Mac, lack of fancy new displayPort features limits its ability to support borderline HDMI features such as HDMI 4K at 30Hz. Since it cannot produce ONE signal that can drive the entire display, the lower resolution offered is intended to drive one half of the display. You are expected to connect an additional HDMI cable for the second half, and turn on the Picture-By-Picture feature in the display to put the two halves back together. The display has two HDMI inputs for exactly this scenario.
Your Newer M1 Mac has a more advanced DisplayPort, which supports more advanced HDMI capabilities when used with an adapter, and can support 4K at 30Hz directly on one cable, so that is offered as an option.