Oh, I see you used SwitchResX to give the display a custom display name.
You can double click the current resolution in the Current Resolutions tab for the display in SwitchResX to see the timing info. It will tell you if it's scaled or not ("Active" pixels should say 5120x1440 and "Scale to" pixels should be blank).
An update, I installed the Big Sur public beta and now have native 5120x1440@60 in the preferences pane. Don't know if there was something up with my previous Catalina install or if this fix was introduced with Big Sur, but very happy to report that it now works.