I believe the channel selector is only there for Office Subscription. Are you using Office Perpetual?
Another way to switch channels is to use a registry key, Use a registry command to install Microsoft 365 Insider on Windows devices - Microsoft 365 Insider | Microsoft Learn. I have done this with Perpetual before e.g. Office 2019 Pro and it worked for me.
Here is the registry key to switch to Semi Annual:
reg add HKLM\Software\Policies\Microsoft\office\16.0\common\officeupdate /v updatebranch /t REG_SZ /d SemiAnnual
Open a Windows Command prompt as Administrator and paste that command and press Enter. Then restart Outlook and click File, Office Account, Update Options, Update Now. I cannot recall if it starts the update automatically. The article has the registry key for Current Channel if you need to switch back.