Active Pen PN557W pairs but not remains connected only for seconds / there is no presentation mode option in the Active Pen Control Panel

The PN557W Active Pen pairs to my Dell Latitude 7740 2 in 1 but not stay connected (the coin and the AAAA batteries are replaced, the latest Bluetooth driver is installed, the pen was disconnected and reconnected, the connection of the batteries [springs] are checked, restored to default, etc.). That means that immediately after pairing the top button works for some attempts according to the setting, but cease working there after (10-20 sec) entirely. 

The second issue is that there is no presetation mode option on the Active Pen Controll Application (see picture attached) which would be very important for me.

Installed components are:
Dell Active Pen Control Panel Application  7.7-39.34.38, A05

OS: Windows 11 Pro V. 23H2  build: 22631.3737   Windows Feature Experience Pack 1000.22700.1009.0 last updated  21.06.2024
MS Office: 2016 pro
Bluetooth driver version: 23.20.0.3 (updated today)

Hardware:
Latitude 7400 2-in-1 <Private data removed from public view DELL-Admin> (expired :-() )
Pen: PN557W Active Pen
Bluetooth device: Intel(R) Wireless Bluetooth(R) (USB\VID_8087&PID_0AAA&REV_0002)

 Any resoultion would be appreciated