Thank you very much for the details!
There was actually something wrong, but not the configuration, but a yet unknown bug. There was a check on the plugin side to load the google analytics script, but it turns out the check returned false in your PHP version (7.4), but returns true in newer versions.
I have made a correction to the code directly, now everything should work all right. I have verified the GA tracker via an extension and the data is now properly sent. Make sure to clear your site cache and everything should be all right.
The bug was noted on the issue tracker and will be permanently fixed in the upcoming minor release.