If you scroll back to post 328 (July 2023) you see that the INK Preferred spend requirement had been reduced in late June, and the referral links were reported to match that on 5 July. This suggests a lag of two weeks, or less, which matches my "impression" of Chase normal.
The lower spend requirement back then happened on June 29, 2023 and the referral links were updated July 5th, 6 days later (less than a week). This 120k offer is live online already for a full week since 7/11 (in banks from 7/4) and still no update to referral links, but I'll continue to wait patiently.