Hi Saif,
I ended up opening a support ticket. Someone helped me out and I’ve now solved my issue.
I’ll put what they said here:
`This is the expected behavior because this functionality is turned off at the Variable product level because it’s not possible to “know” the prices including/excluding tax.
However, there may be a way to achieve this with some custom code via filter hooks, for example:
add_filter( ‘woocommerce_show_variation_price’, ‘__return_true’ );
Please note that assistance with code customization tasks such as this one is outside of the scope of support, and the solution in the above website comes without a warranty from our side.`