I should have guessed: Gemini diagnosed the issue, which is that Firefox is a snap app by default, and it seems that snap apps do not have access to the GPU.
You can confirm this by going to about:support and going to the “Graphics” section - if its llvmpipe or something like that, its using software rendering.
Instructions I followed from Gemini:
1: Nuke Firefox:
$ sudo snap remove firefox
2: Add the upstream Firefox repos:
# Create the directory for the keys
sudo install -d -m 0755 /etc/apt/keyrings
# Import the Mozilla signing key
wget -q https://packages.mozilla.org/apt/repo-signing-key.gpg -O- | sudo tee /etc/apt/keyrings/packages.mozilla.org.asc > /dev/null
# Add the repository to sources
echo "deb [signed-by=/etc/apt/keyrings/packages.mozilla.org.asc] https://packages.mozilla.org/apt mozilla main" | sudo tee /etc/apt/sources.list.d/mozilla.list > /dev/null
3: ‘Pin’ the version of Firefox that is published from the Mozilla repo:
echo '
Package: *
Pin: origin packages.mozilla.org
Pin-Priority: 1000
' | sudo tee /etc/apt/preferences.d/mozilla
4: Install
$ sudo apt update && sudo apt install firefox
Navigating to about:support now shows:

P.S. For the Install command, I got this warning:
$ sudo apt update && sudo apt install firefox
Hit:1 http://gb.archive.ubuntu.com/ubuntu questing InRelease
Hit:2 http://gb.archive.ubuntu.com/ubuntu questing-updates InRelease
Hit:3 http://gb.archive.ubuntu.com/ubuntu questing-backports InRelease
Hit:4 http://security.ubuntu.com/ubuntu questing-security InRelease
Get:5 https://packages.mozilla.org/apt mozilla InRelease [1,520 B]
Get:6 https://packages.mozilla.org/apt mozilla/main amd64 Packages [99.4 kB]
Get:7 https://packages.mozilla.org/apt mozilla/main all Packages [5,106 kB]
Fetched 5,206 kB in 2s (2,299 kB/s)
All packages are up to date.
DOWNGRADING:
firefox
Summary:
Upgrading: 0, Installing: 0, Downgrading: 1, Removing: 0, Not Upgrading: 0
Download size: 82.5 MB
Space needed: 301 MB / 1,849 GB available
Continue? [Y/n]
According to Gemini this is innocuous and has to do with how the firefox package is really a meta-package that points to the snap store, and has a higher version number than the ‘real’ firefox from Mozilla (or something like that… I’m not a packaging guy.)