They removed the 120hz mode for consoles?! Feels like a total different game without (in a bad way). Hope they bring it back.
If you're missing 120Hz Performance Mode on PS5, here's a fix to get it back.
Make sure the game is closed. Go to "Settings-> Saved Data and Game/App Settings-> Game Presets-> Performance mode or Resolution Mode" and set that to performance mode.
120Hz should now be available.