But when I navigate in the system console to: Users and Teams → Enable read receipts (at the bottom of the page) I don’t see that option. Is that correct? Is this a paid option?
This feature is not yet available, the ticket you’re referencing to is just a draft for a possible upcoming feature. As of yet, noone is actively working on it and it has not been merged in any of the available branches of the product, so it will still take some time for it to be available as part of the product.