A family of Microsoft spreadsheet software with tools for analyzing, charting, and communicating data.
We have verified this issue further and found out that the feature is only available on Version 1611 (Build 7571.2072) which you can only get when you are on the Current Channel. Please click on this link for reference: Office 365 Client Update Channel Releases.
It appears that you are on the Deferred channel based on this link: Deferred Channel.
If you would like to make a switch, here's an article that talks about how to switch fromDeferred Channel to Current Channel for the Office 365 suite.
We're here if you have more queries.
Regards.