Additional features, settings, or issues not covered by specific Microsoft Teams categories
Are you by chance on a laptop? I don't have that option and I am on Monterey 12.1 as well. BOO!
Yes, I am on a MacBook Pro which is why the Battery option appears. It's kind of frustrating that they put the Low Power Mode under Battery instead of Energy Saver because it would be nice to offer the feature on non-laptop devices as well.