Link expiration greyed out

As the title indicates, the shared Link Expiration checkbox is greyed out and cannot be clicked. At the top is the message: "Certain settings may not be available for this item due to permissions."

I have just now created this account with a work email address, however our organization does not have any existing accounts nor do we have an admin account.

Is the shared Link Expiration feature a paid feature only? Documentation does not specify, but seems to imply that it is available in the free version as well.