You can just Google is "Does Elden Ring run at 4k in performance mode" to get your answer. Plenty of sources will tell you the same thing. And since your method of measurement is your xbox settings I'm inclined to say you don't actually know what you're talking about here.

The Series X is impressive kit, but it is not going to run high fidelity 3d games at 4k 60fps and no one sensible would claim it does.