Best answer: No. At least not yet. Televisions that officially support 120Hz are incredibly expensive right now since the technology hasn't been widely adopted yet. However, you can get gaming monitors that support up to 144Hz for much cheaper in comparison.
What does 120Hz mean?
In regards to televisions and monitors, hertz (Hz) is the frequency at which a screen redraws a scene in one second. When you see a television labelled as supporting 60Hz or 120Hz, it means that the refresh rate of the screen is 60 or 120 frames per second (FPS). The higher the refresh rate, the smoother movement looks. That doesn't always bode well for movies or TV, but it works well for games.
A frame rate up to 120FPS would mean games run smoother than ever. You;ll notice less choppiness during fast-paced scenes with a lot of movement onscreen. This can make or break the experience for some people, but it's important to note that not everyone can tell a huge difference between 60FPS and 120FPS in practice.
Does the PlayStation 5 even support 120FPS?
Supposedly, yes. Though PlayStation hasn't stated as such in recent months, CEO Jim Ryan told CNET in an interview back in June 2019 that the PS5 would be able to support 4K at 120Hz. Because the interview did not have a direct quote and some time has passed since then, plans may have changed, but it's likely.
Why should I get a monitor instead of a TV?
Because 120Hz isn't a widely adopted technology in televisions yet, they tend to be rather expensive — upwards of $1,000 or more. Monitors, however, frequently support frame rates up to 144Hz and come at a much cheaper price. If you're dead set on needing a television with a 120Hz refresh rate for your PS5, I'd still recommend you wait until they drop in price. We don't know how many games will even be able to run at 120FPS yet. In the meantime you can get a monitor that'll support it. At the very least, you'll be set as more games support this higher refresh rate.
Get the most out of PS5
It's not as big as a television, but some people prefer to game on a smaller screen anyway. If your desktop has some space, this Sceptre monitor is the perfect solution with a 24-inch curved screen and AMD FreeSync. It supports up to 144Hz, and will have no problem handling a game running at 120FPS.
The more expensive option
120Hz isn't a widely adopted technology yet (most media doesn't even support playback at such rates), so televisions that do tend to be more expensive. If you absolutely need a big screen for gaming and care that much about frame rate, you can pick up the Samsung Q80R in all of its 55-inch glory.
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