Check the following correct cables are you using the included cable, is this passing through any other source I.e soundbar? Are you connected to the right port on the TV. Not all ports support 120hz Have you set the ps5 up correctly?
Loads of people are having trouble with the one connect box dont know if theres different versions but some people seem to have problems and some are fine. Same with connecting to sky Q some people are connecting instantly and some not at all. Customer (i dont) were very unhelpful but theres loads of posts about it