Looks like a limitation with your monitor.
It is a 28" 3840x2160 pixel monitor. My guess is that when you selected "1920x1080" mode on your M1 Mac mini, you were selecting Retina "looks like 1920x1080" mode, in which
- The Mac sizes things as if the monitor had a resolution of 1920x1080 pixels
- The Mac draws things in detail on a (1920x2)x(1080x2) pixel (or 3840x2160 pixel) canvas
- The Mac sends a 3840x2160 pixel signal to your monitor
What this arrangement does is to give you a much sharper picture than if you were actually driving the monitor at a resolution of 1920x1080 pixels.
However, now the limits of your monitor come to play. If the Reddit thread is to be believed, Dell "cheaped out" on the selection of one of the chips used to drive the display. The panel is capable of 3840x2160 @ 60 Hz, but since the data has to go through that chip, the monitor is not.
I'm guessing that the Mac, seeing that your monitor was capable of 3840x2160 pixel resolution, chose it over the other options. But along with that came a 30 Hz cap on the refresh rate.
The only things I can think of are
- Selecting "1920 x 1080 (low resolution)" mode (when you are displaying all possible displays resolution settings, as a list). (I don't know if this will cause the Mac to negotiate a 1920x1080 @ 60 Hz connection with the monitor or if the Mac will continue using a 3840x2160 @ 30 Hz connection, but just send a signal with less detail.)
- Using a third-party display program (if any are available) to force 1920x1080 @ 60 Hz.
- Replacing the Dell display with a more capable one.
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https://www.reddit.com/r/Monitors/comments/1aqsrca/do_you_remember_the_dell_p2815q_it_can_be_fixed/?rdt=61633
"Do you remember the Dell P2815Q? …
Yes. That P2815Q. The 4K monitor that released in 2014, that could only display 30Hz at max resolution. The same P2815Q that had over 100ms input lag.
Everyone and their dog were ******* on this monitor, because it was effectively E-waste and not suited for any kind of use case whatsoever – rightfully so."
Dell – Dell P2815Q User's Guide
Page 23:
Maximum preset resolution: DP/Mini-DP/HDMI: 3840x2160 at 30 Hz.
MHL: 1920x1080 at 60 Hz
Page 24:
The only line mentioning 3840x2160 shows a refresh rate of 30 Hz.