Do I need to Pay Yearly for a Custom Domain?

So I’m planning to build a website using WordPress, along with the BuddyBoss and LearnDash plugins.

I bought my own domain from IONOS but now I’ve realised I can’t use it unless I upgrade to a plan (which I was going to do anyway).

It looks to me like I can only pay yearly to get the custom domain feature, is this correct?

Also, what plan would be best for me? Essentially, my business is an online guitar learning platform where users can watch videos that I’ve made, as well as use the social media feature from BuddyBoss.

Thanks in advance!🙏🏼