No, you didn't miss anything.
Out of universe: It's terrible writing.
In universe: I reckon the Enterprise bridge crew panicked.
All of the command crew on the Enterprise bridge had faced the Borg. One of them should have noticed the similarity of the situation and suggested rotating shield frequencies.
It gets worse the more you think about it.
Why isn't rotating shield frequencies on shield penetration standard procedure? Why wait to be penetrated? Why not have the computer change your shield frequencies periodically in battle automatically? I don't recall any discussion of a downside of rotating frequencies. If there's a legit transport in progress through the shields, the computer knows to wait.
Why was one of the most important numbers on a starship being prominently displayed on a screen anyone can walk past and glance at? The Federation are a bunch of trusting dupes who don't put locks on things, but come on!
Why didn't Riker order Worf to disable their weapons? Shields or no shields, the Enterprise-D should have been able to kick the snot out of a second-hand D12 Bird Of Prey that had been retired 20 years before. I don't recall mention of the Enterprise's weapons being offline (and I'm not rewatching it to check).
In the comments people have mentioned maybe shield frequency rotation hadn't become a thing yet. Voyager rotates shield frequencies all the time. USS Voyager left the Alpha Quadrant, and thus contact with the Federation, in 2371 the same year as Generations takes place. The Voyager crew never faced the Borg, but they knew to rotate shield frequencies when their shields were being mysteriously penetrated.
The original Enterprise faced a similar situation in Wrath of Khan, an enemy catches them with their shields down, but even worse because Reliant was an even match for the Enterprise. That turned into a tense, exciting, intelligent space battle where every shot counts. Remembering that just makes the Generations battle even worse.