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 at least somewhat 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 labeled 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, so a 120Hz TV supports 120 FPS. That doesn't always bode well for movies or TV, but it works extremely well for games. Unlike the PS4, the PS5 supports 120Hz, meaning games can be played at 120 FPS if designed to hit that target.
A frame rate of up to 120 FPS would mean games run smoother than ever. You'll notice less choppiness during fast-paced scenes with a lot of movement onscreen, improving motion and even animation quality. 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 60 FPS and 120 FPS in practice.
Does the PS5 even support 120FPS?
Yes, though only in very few select games like Borderlands 3, Destiny 2, Devil May Cry 5, Dirt 5, and Nioh 2 Remastered. You can check out our full list of PS5 games that support 120FPS. It's small right now, but sure to grow as time goes on.
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. So far, only a small handful of PS5 games support 120 FPS and it's hard to tell how many more will be added. In the meantime, you can browse through the best PS5 monitors to find one that'll support it. At the very least, you'll be set as more games support this higher refresh rate.
Desktop
Sceptre C248B-144R 24-Inch Curved 144Hz Gaming Monitor
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.
Living room
Samsung 55-inch Q80R
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.
Source: androidcentral