A:Answer Acer has not tested this specific monitor with the PS5 so we are unable to confirm if it will support 120hz, however below are instructions for configuring the PS5 for Performance mode. There is no need to change any settings on the monitor itself, however, you will need to adjust settings on the PS5.
Go to Settings:
Go to Saved data and game/APP settings
Select Game presents
Select Performance mode or resolution mode
Select Performance mode
Relaunch the game