GoPro files can be a little vague about their headers, some of the fast-rate footage is tagged with normal-rate headers so by default it plays back in slow motion - I'd start by opening the 120fps clip using MediaInfo to see what the video stream actually reports the frame rate to be. Premiere is getting the 59.94 value from the metadata, but in an H.264/MOV file there's more than one place to define it.
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