No it’ll display the video at either whatever you’ve set the Apple TV video settings to ie: 50Hz or 60Hz.
Or whatever the the particular video content requires if you have Match Frame turned on ie: 25Hz, 30Hz, 50Hz, 60Hz, 24Hz
Or whatever the the particular video content requires if you have Match Frame turned on ie: 25Hz, 30Hz, 50Hz, 60Hz, 24Hz
Currently there’s literally zero streaming content available in 120Hz so I guess would be pretty pointless, possible for gaming but even then currently there’s no games via Apple Arcade that would even warrant it.