The current focus seems to be to get 60 fps 4K HDR content from commercial services, which is already a feature for the Apple TV 4K (2nd generation).
Where would you get 120 Hz content? Recording in 120 fps is mostly useful for a smooth slow-down effect at lower fps.
Apple unveils the next generation of Apple TV 4K - Apple
Improved Video Experiences
With A12 Bionic, Apple TV 4K now supports high frame rate HDR (High Dynamic Range) and Dolby Vision video, enabling fast-moving action at 60 frames per second (fps) to play more smoothly and appear more lifelike than ever before.¹ Apple is working with leading video providers around the world, including FOX Sports, NBCUniversal, Paramount+, Red Bull TV, and Canal+, as they begin to stream in high frame rate HDR. And with high frame rate support in AirPlay, videos can be displayed in full 60-fps Dolby Vision on the new Apple TV 4K.