That feature is for midrange to high end phones and i think new low end phones might have it. Because it takes time before features arrive to each phone. Flagship first then to midrange to low end.
In the case of the M12, it is a hardware issue - Timelapses are usually taken by cameras that have the capability to shoot at 80-120fps or more. Unfortunately, the M12's camera is not rated to handle that framerate.
If you are looking to upgrade your device to something that can take timelapse footage, I'd like to recommend the Galaxy A54 5G: http://spr.ly/A54-SM01
