In theory yes.
Personally I wouldn’t design a system to talk to that many at a time. The advantage of one to many systems is that it reduces the total number of messages needed. Rather than 2 messages per measurement (initiate and response) you common up the initiation message and so can say get 8 measurements in 9 messages. Less messages means less time taken and so a higher update rate. But as the group gets bigger the added relative benefit decreases.
For 120 I’d create a system that could address 12 or maybe 20 at a time and then run multiple cycles to get to the total you want.
A high update rate requires a compromise on range and message size. Part of the reason I could run the system that fast was I reduced the message length to the absolute minimum. I have a 330us window per device. That 330 us includes the time to send the message, the other end to receive it, read it and re-arm the receive logic ready for the next message.