It’s a HW limitation of the T480s with USB-C docks. You need a Thunderbolt-3 or 4 dock for both displays configured at QHD@60Hz.
https://support.lenovo.com/us/en/solutions/pd029622#USB-C%20dock
both monitors configured at QHD@30Hz should work if supported by monitors.
The 40AY dock can support both displays, but only if connected to a DisplayPort1.4 capable system.
workaround: connect one display to the system with a USB-C to DP / USB-C to USB-C cable.