This functionality will only work when using an LPC-Link2 connection - it will not work with other CMSIS-DAP (LinkServer) connections, or with SEGGER / P&E debug connections.
For more details see:
MCUXpresso IDE v10.1 User Guide - section 13.5.7, "How to use ITM Printf"
MCUXpresso IDE v10.1 LinkServer SWO Trace Guide - section 3, "ITM"
It obviously also requires a part with SWO support - which generally means an MCU built around the Cortex-M3/M4 cpu, but not Cortex-M0/M0+. If you don't have this, then you will need to use semihosting or UART as an output channel.
Regards,
MCUXpresso IDE Support