Power mode options have become limited with upgraded kernel versions.
In kernel 6.1.8, both balanced and performance options are not available for selection. Only Power Saver is available and selected by default.
In kernel 6.1.7 only performance is not available for selection. Balanced and Power Saver are available and can be switched to either.
In kernel 6.1.6 all three power modes are available and can be switched to without restriction.
Updated Multiple issues of this topic have already been reported via bugzilla.