4K120 requires 1076 MHz (CVT-RB2) or 1098 MHz (CVT-RB) or 1188 MHz (HDM).
WQHD is 2560×1440. 2560×1440@165Hz requires between 678 or 700 MHz.
Ultra WQHD is 3440×1440. The manual shows 165Hz is 879.714 MHz which is still less than 4K120.
The highest WQHD refresh rate shown in the manual is only 120Hz (for DisplayPort). I guess the display scaler can’t scale 2560×1440 165Hz to 3440×1440? I suppose you can test that with a custom timing.
In either case, the highest refresh rate for HDMI shown in the manual is 100Hz (410 MHz). HDMI 2.0 can do 8bpc 4:4:4 up to 600MHz and 10bpc 4:4:4 up to 480MHz so maybe a custom timing can do better than 100Hz? Chroma sub sampling can increase that further (if the display supports it).