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I think as we've seen with the GA107 chips (2050, 3050, and 3050ti mobile) performance doesn't scale much with memory bandwidth (see: RTX 2050 vs. RTX 3050 comparison from earlier, within 2% of each-other on average, with memory bandwidth being the only difference.)

So 120 GBps probably is a good choice on Nintendo's part.

If the TGP were Series S level and clock rates could go quite high, then maybe the Switch 2 would benefit from more memory bandwidth, but the bottleneck seems to be elsewhere for these lower-end Ampere chips.