There could be a bug here, even on my Mac.
IF I pick Lab in the options, I end up with CMYK, which IS a bug. I can, however, set it to Lab in the flyout, and that works. Until I relanuch PS and it isn't sticky which IS a bug. Adobe Photoshop Version: 26.4.0 20250215.r.171 3bf61d7 arm64
Now I think Adobe must be aware of this. I have a 'beta', and it works as it should; it's sticky, and I can select from flyout or options. So hopefully the next release will work as you expect.