AW3420DW will not go to 120HZ on DP

Specs:

- AW3420DW connected with DP cable which came in the box

- RTX3080

- Windows 10 (updated)

- 466.11 GeForce driver

It is not possible to set the monitor to 120HZ on 3440x1440. Not in the NVIDIA control panel, nor in the Windows advanced settings. The max it presents is 60HZ (or 50).

I tried different DP cables but without any luck.

Does anybody have an idea why?