Even though Apple has finally improved the native connectivity of its all-new redesigned 2021 MacBook Pro, the included HDMI port is unfortunately not completely up to date, which results in certain limitations when connecting the laptop to an external display or monitor.
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Apple's new 2021 MacBook Pro only comes with an HDMI 2.0 port which cannot output 4K at 120Hz on an external display - News
DP/USB-C/Thunderbolt 3/4 to HDMI 2.1 4k@120hz RGB4:4:4 10b HDR with Apple Silicon M1/M2 now possible !
New MacBook Pro models limited to HDMI 2.0 - Current Mac Hardware Discussions on AppleInsider Forums