I'm an Org and Site Admin. The Administration / Issues menu does not offer a Priority Schemes menu option.

I've looked through the documentation and community boards, and searched throughout the application, but can't find out why permissions schemes are not enabled for our instance. Any help will be greatly appreciated.
Update - I just found a post stating the Priority Schemes are not supported on Jira Cloud. Is this correct? Seems like a key feature to leave out.