Earlier quoted context omitted.
DisplayPort 1.2 (or newer) and HDMI 2.1 both support 5K at 120Hz when using DSC.
DisplayPort 1.2 cannot even do 5k at 60Hz at 10 bits per channel. You might be thinking about DisplayPort 2.0, which is not yet widely supported in video cards or monitors, and even then it needs the (essentially non-existent) UHBR 20 data rate to get to 120Hz. HDMI 2.1 does support 5K@120Hz@10bpc but requires DSC as you say, which is not very commonly found either. (Note that unlike what a sibling comment states, DS…
Not very commonly found on what? Nvidia & AMD have been shipping DSC for ~2 generations now (so almost anything within the last 4 years has it)