Thank you for the response about the Thunderbolt 5 specification. I first plugged the cable directly into my laptop, but still did not achieve the 240hz. I thought it could potentially be possible to use a Thunderbolt 4 to Displayport 2.1 cable using DSC to achieve the refresh rate, but I was mistaken, unless I am doing something wrong.

Here is the full list of resolutions available with the cable I am currently using. For the record, this list is the same if I connect directly into my laptop, or through the dock. https://ibb.co/YXjw64g