I can't find such an option either.
What you can do, although it obviously wouldn't be quite as quick, is the following: Press F12 (or Fn+F12 on some keyboards) to display the Save As dialog box. Choose the current *.docx file format and clear the check box next to "Maintain compatibility with previous versions of Word." Press Enter to confirm.
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Stefan Blom
Microsoft Word MVP
Microsoft 365 apps for business
Windows 11 Professional
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