The Mac Studio's HDMI doesn't support 120Hz out (so likely HDMI 2.0?) and it also doesn't come with a keyboard and mouse.
Isn't "Support for one display with up to 4K resolution at 60Hz" as stated on their specs page[1] pretty clear? It's an HDMI 2.0 port and I think mentioning the supported resolution and refresh rate is more helpful to customers than the HDMI spec version.
So it could be HDMI 2.1 compliant, and still not support 48gbps mode.
(Which isn't quite the same thing as not supporting "120 hz" - it could probably do 120 hz over displayport/thunderbolt, or at a lower resolution, or with chroma subsampling - just not 4K120 4:4:4 because it doesn't have enough bandwidth)