One possibility is camera zoom. If the digital zoom is utilized, the 120fps slow motion feature like a few other features will not be available. It's also not available when 10-bit mode is selected.
Also the 120fps isn't any more data intensive than the rest of the shooting modes. Regardless of shooting mode, the maximum bitrate is 150Mbps (<19MB/s), a V30 card supports continuous write speeds up to 240Mbps (30MB/s). If you have at least a V30 card it'll support all the modes on the
Air 2S. Also when shooting at H265/HEVC the max bit rate is about 125Mbps.
If the card you have is the V90 version, it's insanely overkill for drone, as V90 (90MB/s) supports up to 720Mbps continuous write speed.
PS: I've only ever seen 120fps option in the slo-mo video area.
If it existed in the normal mode, it's going to be softer and not as detailed, since there's less data per frame at 120fps vs 24fps, as the maximum bit rate remains the same for both.