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Try to change the Printer to Adobe PostScript File
It's still grayed out. Ugh.
And if you then change the Mode from Composite to Separations (Host-Based)?
Yeah, I've found out it is a Big Sur OS situation. I don't have print upgrades for any of my printers that are only a couple of years old (and they are already going to Monterey?!?) So I had to downgrade one of my computers back to Catalina to be able to get the full print driver capabilities.