Hello,
I've got the exact same issue with this monitor on my RX 480.
My other monitor is the Asus VG289Q, and if I connect both, the LC-Power drops to 60 Hz at 4K. If I switch off the Asus in Windows display settings, I can set the LC-Power to 2160p120.
Alternatively I can enable the Ryzen 5 3400G graphics for the Asus in order to max out the LC-Power on the RX 480, but then I get the "Hardware settings were changed. Please reboot." message every single boot...
I can do 1440p144 with the 2nd monitor on just fine.
Is the output circuitry in these cards limiting in some way? Could you figure something out?
Cheers!