The setting is there but is it actually working?
In my experience (may not apply at all), when you use WiFi Hotspot, you need to have the cellular modem enabled - because the phone will route (and probably NAT) from the WLAN to the internet via the cellular modem.
I think someone was working on displaying the Hotspot’s access details (SSID and PSK) as a QR code, so another phone could scan the QR code and use the Hotspot. (Not sure I would have much use for that since most of the time the other phone can access the internet directly, but it’s something I would test.)