Group Application token expires after 2 minutes on

According to this documentation, OAuth access token expiration for group owned applications should be 2hours, but somehow, when I inspect the JWT I get this:

  "iss": "",
  "exp": 1662640780,
  "iat": 1662640660,

That’s 120 seconds, not 120 minutes.
Is there something I’m doing wrong?

I just tested with a user owned application and I have the same issue. I have a JWT that expires after 120s.