Q: How do I set my PS5 to 120Hz output?
A: From what we know, the PS5 will output a 120Hz signal whenever a game or app supports uncapped frame rates above 60fps, as long as your A/V setup supports a 120Hz signal for your chosen output resolution. If a particular game/app does not support 120fps, then the system will output a 60Hz signal instead. There is no manual frame/refresh rate output setting on the PS5.
Q: How can I tell my PS5 is outputting a 120Hz signal?
A: Go to Settings > Screen and Video > Video Output > Vide Output Information after you've launched a game and it is running in the background. If a game/app supports frame rates over 60fps, you will see a 120Hz signal being confirmed. If a game/app does not support frame rates over 60fps, you will see a 60fps signal being output.
Q: What HDMI version (2.0, 2.1, etc.) is required for 120Hz output?
A: HDMI 2.1 (with Ultra High Speed cables) are required for 2160p @ 120Hz output, HDMI 2.0 (with Premium High Speed cables or better) are required for 1080p @ 120Hz output. While 1920 x 1080 @ 120Hz technically falls within the HDMI 1.4b specification, it is a bit more complicated and will not work on the PS5.