There are even 240Hz displays.
IIRC Apple couldn't get above 60Hz even on third-party displays they explicitly advertised.
Make sure your dock, dongle, and/or cables aren’t bottlenecks.
I've switched docks, dongles, cables, to no avail.
Support also varies a lot between M chips, and Thunderbolt often doesn't support high refresh rates https://support.apple.com/en-us/101571
I can't remember now the actual setup I had, sadly
Both of my LG ultrawides work at 144Hz?
At the time, people were "marveling" at the magic of Apple, and wondering how they did the math to make that display work within bandwidth constraints.
The simple answer was "by completely fucking with DP 1.4 DSC".
I had at the time a 2019 (cheesegrater) Mac Pro. I had two Asus 27" 4K HDR 144Hz monitors, that the Mac had no problems driving under Catalina.
Install Big Sur. Nope. With the monitors advertising DP 1.4, my options were SDR@95Hz, HDR@60Hz. I wasn't the only one, hundreds of people complaining, different monitors, cards, cables.
I could downgrade to Catalina: HDR@144Hz sprung back to life.
Hell, I could on the monitors tell them to advertise DP 1.2 support, which actually improved performance, and I think I got SDR@120Hz, HDR@95Hz (IIRC).
So you don't deserve downvotes on this. Apple absolutely ignored standards and broke functionality for third party screens just to get the Pro Display XDR (which, ironically, I own, although now it's being driven by an M2 Studio, versus the space heater that was the Xeon cheesegrater).