You are undoubtedly on an M1 Mac ... and that effect is 'old' and in the Obsolete category availble on older Macs and most PCs.
However ... as those effects are listed as "obsolete", meaning ... they'll simply disappear at some point "soon-ish", they weren't going to spend the time to re-code those for the new M1 coding needs. So non of the "Obsolete" effects are available on an M1 Mac.
They'll go away soon for everyone, actually.
The suggestion for doing the "change to color" stuff without that effect is to use the HSL tab of Lumetri, and select the color in the "key" section. Then change to whatever you want with the lower HSL tab controls.