I have the CAC-1085 with your 2 meter hdmi cable (CAC-1372) and the 5700xt AMD GPU. I am connecting to an LG CX OLED 48" display.
The GPU drivers are up-to-date, it supports DP 1.4 and has successfully used Displaystream Compression in the past on other monitors.
The LG display is up-to-date and in the proper mode to receive 444 in 120hz (it's in PC mode).
The adapter works and is plugged into a power supply. The HDMI cable supports 48gbps (it is Club3D's own HDMI cable).
Even with all this, I cannot get the adaptor to work properly. It seems like the Displaystream Compression chip in the adaptor is not being recognized, so the bandwidth is being limited to 4k@60hz.