Solution: Did more testing and found out you can watch videos in any quality…only when you use the YouTube application(you probably already know), sorry to anyone avoiding this path, I tried a handful of mainstream browsers and they all will not allow a change of video quality higher than 360p when watching YouTube videos in a browser in IOS lower then the current version as mentioned by another commenter.
This issue has nothing to do with internet speed or connectivity based on my tests involving mobile network’s and WiFi, this also has nothing to do with the device hardware limitations as the YouTube application allows you to play videos in 1080p smoothly, however this is probable subject to change should YouTube in the near future lose it’s backwards compatibility support for older devices in the App Store, fingers crossed 🤞
Conclusion: the internet is not a free place, now get back to work.