"Don't Monitor" is the only option for "Monitor Changes to Posts"

Same situation as you, I haven’t found a way to enable it either.

Might be a regression. 2.4.4 has the options.

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Spoke too soon: it has the options but doesn’t work. On further investigation the options don’t stick and revert back to “Don’t monitor”.

Right, it appears to be a bug. Too bad, this is the one feature I need. Hoping the developer will step-in to fix this issue.