In DSM 7.2.1 Synology disabled the ability to create ext4 volumes on RackStations.
You can enable it by running the following commands via SSH:
sudo synosetkeyvalue /etc/synoinfo.conf supportext4 yes
sudo synosetkeyvalue /etc.default/synoinfo.conf supportext4 yes
Then close and reopen storage manager.
If you want to restore back to the default setting run the following commands via SSH:
sudo synosetkeyvalue /etc/synoinfo.conf supportext4 no_create
sudo synosetkeyvalue /etc.default/synoinfo.conf supportext4 no_create
Then close and reopen storage manager.