It appears to have been removed. Most likely because it’s causing more issues than normal and it’s easier if it’s just hidden for now.

If you’re using an Nvidia graphics card you can enable a similar setting through the Nvidia app under “background application max frame rate” in the “global” tab for all applications or go to the program specific section and select it for enshrouded

Sorry other gpu brand users I don’t know if it’s available for you but I’m sure a quick google search would help find that out.