4K120 requires 1076 MHz (CVT-RB2) or 1098 MHz (CVT-RB) or 1188 MHz (HDM).
WQHD is 2560x1440. 2560x1440@165Hz requires between 678 or 700 MHz.
Ultra WQHD is 3440x1440. 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 2560x1440 165Hz to 3440x1440? 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).