I had similar issue but for me there was an option where iI can set the minminimum Time between password reset requests as shown below .
In my case it was set to 10 min, it was set to 10 min. After i change it to 0I change it to 0 the issue was resolved. The
The configuration exists in the same path as you have mentioned but not sure why you do not have this configuration in your Magento.