In order to troubleshoot, I have also tried installing the latest stock OS for Google Pixel 7 Pro version 15.0.0 (BP1A.250505.005.B1, May 2025) from Google. But the fingerprint option does not show up there, either. The stock OS at least provides the face unlock feature so it is not that inconvenient to use.
I have also thought about the fingerprint sensor perhaps needing some calibration or something like that, at least in my particular case. So I have looked at some guides and tried using this possibly shady WebUSB app (which requires Google Chrome because of WebUSB) that is supposed to install some kind of "fingerprint calibration software". I went through the installation without any apparent issue. Rebooted the phone. And nothing changed.
There is no fingerprint option at all in my particular case. Not in the stock OS, nor in Graphene OS.