Yes, but you still have the 60 WR water resistance, witch is fine for casual quick shower or hand wash, but i would keep it away from salt water, swimming or God forbid - snorkling. Not that I'm saying that the seals would not hold, but in my mind, 120 is a little safer than 60m WR
Plus, it has a few grams more of solid Steel, so it can survive a pub fight, anniversary with a wife or a night with a mistress :)