At least with my Acer Nitro XV273K I could not get 120 Hz in macOS in scaled 4K HiDPI mode:
https://forums.macrumors.com/threads/best-monitor-for-new-mini.2151340/page-26#post-27019890
DisplayPort 1.4 of the RX 580 is active.
In Windows no problem.
macOS seems not prepared for high Hz monitors. But maybe the Acer X34 doesn't have this issue since it has less resolution than a 4K screen.
Note: Acer Predator monitors have Nvidia GSync, Acer Nitro monitors have AMD FreeSync.