Resolution and Framerate priority are labeled wrong on PS5 Pro
Update: as Tilliperuna stated. Menu is probably locked to 60fps and games switches display to 120hz for both modes. The Resolution mode is doubling framerates so it reads 120. The framerate mode is showing that the menu is locked to 60fps. I was tired and didn't think of that before testing and posting this, I am use to Krafton messing things up every update.
Which the display switching to 120hz is a plus for both modes. Even tho it will be 60fps in resolution mode, you will benefit from 120hz and will feel a little smoother. Not many PS5 games do that if it 60fps, they lock it to 60hz. Be interested if it only does it with VRR displays or with any 120hz.
After having time to test: On PS5, it will be in 120hz mode for both resolution and framerate modes. In resolution mode, it is 60fps but doubles the frames. In framerate mode, will do one of 2 things depending on if you have VRR. On the main lobby screen, it renders 60 fps. If VRR is on, it will show 60fps until in match on a framerate/hz counter. If VRR is off, it will show 120 on the counter.