exactly.
2x the framerate = 2x the bandwidth required by both CPU and GPU.
4x the frame rate = 4x the bandwidth. 120fps is increasingly harder and harder for consoles to achieve as disproportionate bandwidth loss becomes greater as the CPU demands more.
which is why I believe console porting can be painful for PC. I suspect to reduce disproportionate bandwidth loss, a lot more general GPU compute is done on consoles (HUMA support as well) and typically on PC it's a lot harder to do gpu based compute and get the results back due to the PCI bus, so this is almost always avoided, whereas on console, memory is shared, there is no loss, so you just leverage the GPU for as much as you can.
This is why I think there are plausible scenarios for some games like Dragon's Dogma is running so much faster on 5Pro over PS5, despite the CPU being the same in a CPU limited game. If they went harder into general GPU compute, the CPU can do less, and the GPU does more. Beefier GPU is going to outperform weaker GPU. And this starts to taint some of our typical CPU PC benchmarks against console, quite frankly, they aren't doing the same work.