Mac Studio M4 Max Thunderbolt ports only output 60Hz display

Mac Studio (M4 Max) will only output 120hz display on HDMI port and will only output 60hz display through Thunderbolt ports (all 4 rear ports tested). I am using two LG UltraGear monitors that support 120hz (verified) and have successfully used them both previously and currently with my MacBook Pro (2018). Here is my setup that I assumed would carry over:

Previous:

Macbook Pro (2018) output to dual monitors at 120hz

1x Thunderbolt to HDMI cable

1x Thunderbolt USB hub w/HDMI output

New Setup:

Mac Studio (M4 Max) output to dual monitors at 60hz and 120hz

1x HDMI 2.1 port connected to HDMI port on monitor (120hz)

1x Thunderbolt to HDMI cable (60hz)

I have switched everything around, replaced cables (all Ultra Speed or whatever the term is), and used the same cables to retest the MacBook (2018) which still outputs 120hz using the exact same cables. I am at a loss for what the issue is besides the Mac Studio having an issue with its Thunderbolt ports. Has this been replicated by anyone with the new Mac Studio?