I’m wondering if this adapter will allow me to actually run 120+ Hz on my monitor through my ps5?
Hi the adapter CAC-1085 DP Source to HDMI Display works only one direction - so no it will not work
2.1 hdmi to display port 1.4
For HDMI 2.1 to DisplayPort 1.4 (or USB-C):
/thread/hdmi-2-1-to-usb-c-displayport-1-4-alt-mode/
For DisplayPort 1.4 (or USB-C) to HDMI 2.1:
/thread/usb4-to-hdmi-2-1/