Max Framerate option doesn't allow FPS to go above 60

In the new minecraft update video setting I got an option to change the fps from 1 to unlimited. This option works only with 60 fps or lower but not with 120 fps. I have a 120 hertz monitor and my xbox series s video setting it's already set to 120 Hz 1080p and works fine in other games, but not in minecraft somehow. I tried to reinstall the game but this new fps option still appear and don't work.