Yes, 8k @ 120Hz is 120Hz. Did I ever imply anything else? And who brought up 8k @ 120Hz?
I've been talking about 8k @ 60Hz and 4k @ 240Hz, because those are the same data rate; 1 990 656 000 pixels per second. One expressed as 7680 x 4320 x 60, the other expressed as 3840 x 2160 x 240.
What does any of this have to do with upscaling?