How to determine what's causing JIT status to shows as "Disabled" in phpinfo()

I've set-up everything as best as I can and yet I see JIT status as Disabled.

Here's what I have:

echo (function_exists('opcache_get_status') 
      && opcache_get_status()['jit']['enabled']) ? 'JIT enabled' : 'JIT disabled';

Returns:

JIT disabled

Then I have this:

print_r([
            'opcache.jit' =>  ini_get("opcache.jit"),
            'opcache.enable' => ini_get('opcache.enable'),
            'opcache.enable_cli' => ini_get('opcache.enable_cli'),
            'opcache.jit_buffer_size' => ini_get('opcache.jit_buffer_size') 
    ]);

Returns:

Array
(
    [opcache.jit] => tracing
    [opcache.enable] => 1
    [opcache.enable_cli] => 1
    [opcache.jit_buffer_size] => 300M
)

And finally, this code:

opcache_get_status()['jit']

Returns:

array(7) {
  ["enabled"] => bool(false)
  ["on"] => bool(false)
  ["kind"] => int(5)
  ["opt_level"] => int(4)
  ["opt_flags"] => int(6)
  ["buffer_size"] => int(0)
  ["buffer_free"] => int(0)
}

What can I do, or where do I look to figure out why JIT status is false?

Edit: JIT is enabled via these lines in Cloudways panel, if that helps:

php_admin_value[opcache.enable]=1
php_admin_value[opcache.enable_cli]=1
php_admin_value[opcache.jit_buffer_size]=300M