Xbox Series S not playing MCC at 120hz

Hi all,
I’m playing MCC on my Series S and can’t get it to run at 120hz/FPS. My monitor is an AOC C27G2, which is a 1920x1080 display that runs up to 165hz. I’m using the HDMI cable that came with the console and so far I’ve gone into Xbox Settings and changed refresh rate to 120hz, but whenever I go into the game, it’s still running at 60.

What am I missing?