“Update security settings”

I’ve been getting this message on my old iMac running 14.3 on OCLP. I don’t get this message on my new MBA running 14.3 normally. My iPhone DOES have a passcode, so I don’t know why I’m getting this error. All devices are logged into iCloud without issue.

If I try hitting Update, the System Settings window locks up. I have to force quit to get out, but the red indicator remains on for System Settings.

Any thoughts on how to get rid of this issue?