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Why do we need a code editor with 120FPS support ?

Because competing code editors support it and thus lacking this capability would make your code editor seem unusually incompetent.

I am sorry but i tried googling and binging which code editor supports 120fps. I also asked bing ai and it said it is not aware.

Could you please point me here as to what I am missing ?

notepad.exe on Windows for example. If that's too lightweight, then VSCode is a more heavier example.