Your gpu has v-sync, they all do.
Monitors can have freesync or g-sync, which works better than v-sync does to accomplish the same thing, but for higher refresh rates.
Screen tearing only really happens in bad quality monitor panels, so if you don't have it, you don't need to turn on v-sync.
But yes, your GPU is making the 120 frames, but your monitor is only going to show you 60 of them.