It appears that with some 5120x2160 ultrawide displays, the M4 Mac is not correctly detecting “HiDPI” mode, making display scaling unavailable, forcing users to choose between too-low and too-high resolutions.
Not sure what the cause is at this time, but some have reported that the BetterDisplay utility can be used as a successful workaround.
Aww, man, I had been considering one of those 5K2K screens, if only I could see one in person, but the fact that they may be quirky with macOS is a strike against.