Can’t replace featured image with a video

Hi.

I have many posts for which I’d like the video embedded in the post content to replace the featured image, so it will serve as a featured video.

I learned that it should be done out-of-the-box by configuring the “Formatting” options in “Screen Option”, however:

– When looking at my posts table, I can open “Screen Options” but there’s no “Formatting” option there.

– When editing a single post, I don’t have the “Screen Options” at all.

What am I missing?
Maybe there’s a plugin that can do this for me?

Using WP 5.8 with Elementor and Hello Elementor as theme.

P.S.
The site is offline as it is in dev mode. I can setup a support account for anyone offering to take a look.

Thanks!