How to set up recovery key on my M1 iMac?

I am trying to set up a recovery key on my Early 2021 iMac with an M1 chip, running Sequoia v.15.5.

I go into Settings and click on my name. From there I go into Sign In & Security. I click on Recovery Key > Set Up. This brings up a 'warning' screen (see below.) I click on Turn On which brings second 'warning' screen (also below). I click on Use Recovery Key which brings me back to the first 'warning' screen. The loop continues ad infinitum. I never get a recovery key and the status of Recovery Key remains "Set Up"

What am I doing wrong?

Thanks,

Kyle

[Re-Titled by Moderator]

Original Title: Recovery Key Set Up