According to the Oculus Quest Roadmap announcement (opens in new tab), Oculus Quest 120Hz support should be rolling out sometime in March. Sadly, the feature is only available for developers to gawk at.
However, the rest of us are allowed to be excited about it as developers have happily leaked the news for those of us that do not have direct access. The roadmap mentions that the Oculus engineer's confidence level meets that time-frame as "Medium" and that it may slip into April. This is directly relevant to Oculus Quest 2, not the original headset, which maxes out with a refresh rate of 72Hz.
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Recently, the VP of VR, Andrew Bosworth at Facebook suggested that the Oculus could be getting 120Hz support sooner than later. Nobody took that to mean it was coming as soon as this month but, what a lovely surprise it is.
Oculus' refresh rates were boosted in November 2020 to 90Hz, and it seemed to be a good indication that 120Hz was soon to follow. It seems on Facebook's end that the major concern was the effects that 120Hz refresh rates would have on battery life.
In other recent news, Andrew Bosworth mentioned the possibility of an Oculus Quest Pro. Many thought this would be the unit that would see 120Hz refresh rates, especially after the November boost to 90Hz was thought to be a limit Facebook wouldn't push past. Kudos to Facebook for being brazen and shoving the Quest 2's capabilities forward into the 120Hz realm.