The monitor supports 3440x1440 @ 144hz and in the EDID it’s setting that mode as preferred. I checked online and LG market the monitor with those specs, so it’s not an error.
It would probably have been easier to flip the bit in the EDID that says the 60hz rate is preferred rather than messing about with the timings - since there is a perfectly good 60hz timing in the EDID.
To me (without any other evidence presented or investigation on my part) this is more an issue with the graphics card driver on Linux than an issue with LG.