I have the Dell UP2414Q display as well. I can confirm that 4K @ 60Hz DOES NOT WORK on the Apple Silicon Macs. In fact, it was pretty much a problem on my 2016 and 2019 MBPs as well, but would work from time to time.
Connecting it to my new M1 Max MBP, it runs fine in SST (single stream/ DP1.1) mode, so we're limited to 4K at 30Hz.
And the HDMI port only supports up to 30Hz at 4K anyway. Apple does not like to support MST, multi stream mode for DisplayPort 1.2 and newer. So when set to DP 1.2 for MST, it just tells me there's no signal coming from the DisplayPort connector and goes into power saving mode. These old (my UP2414Q is 8 years old next month) 4K displays initially supported 4K @ 60Hz by sending dual 1920x2160 streams via the DP 1.2 MST transport protocol. Some of the newer 8K monitors are doing the same technique, which makes the Dell 8K monitor incompatible with Mac, BTW...
This is a nice little monitor that actually worked quite well on my 2013 Mac Pro (trashcan Mac), but has been problematic on any Macs since. Now seems to be dead to the Apple Silicon systems. I kept it around as an extra monitor for certain PC systems. But for connecting to a Mac, you really need a contemporary 4K+ monitor that supports single-stream DisplayPort signaling or Thunderbolt connectivity.
It seems this monitor has been problematic on any Macs that have Thunderbolt3+ sot starting with the 2016 MBP and iMac Pro. The trashcan Mac Pro and 2015 MBP with Thunderbolt 2, which still used the miniDP connectors, seem to support MST for single displays and will allow this monitor to run at 60Hz.
And no, unfortunately there ins't any way to just make it work. Other than to run it at 30Hz. And I'm finding that 30Hz is problematic for the M1 Max MBP... It causes too much lag or sync issues with the display buffer and the monitor will stutter or even hang here and there for a few seconds. I would consider the monitor usable if not for that.
I'd like another monitor like this to pair with my new M1 Max, but I'm holding off to see if Apple or lg release any new monitors with rumored new systems coming up this next year. I'd love to see a new UltraFine series that support 120Hz. Or an Apple ProDisplay that gives us 4K or 5K at 24"
To the OP, if you turn off DisplayPort 1.2 mode on the monitor menu, it should allow you to run at 30Hz. Or you can use a TB/USB-C to HDMI to drive the monitor without changing DisplayPort mode. You have to have the monitor up and running with an image on screen to access the menu and disable DP 1.2. So stupid this monitor does not allow menu access with no signal, only lets you change inputs.