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Yes, only if your tv can do 120hz.
I used it to hook up series x to lg cx and it seems to be doing the 120fps. The only game I play that does 120 is destiny 2 for pvp so my experience is limited. I know the one that came with xbox was crap and flickered, got this and haven't had any issues since.
Yes, your TV must be able to display 120hz rate.