When I look at all the display formats supported by the WX5000ES projector:
720 x 576/50p, 720 x 480/60p, 1280 x 720/50p, 1280 x 720/60p, 1920 x 1080/50i, 1920 x 1080/60i, 1920 x 1080/24p, 1920 x 1080/50p, 1920 x 1080/60p, 1920 x 1080/120p, 3840 x 2160/24p, 3840 x 2160/25p, 3840 x 2160/30p, 3840 x 2160/50p, 3840 x 2160/60p, 4096 x 2160/24p, 4096 x 2160/25p, 4096 x 2160/30p, 4096 x 2160/50p, 4096 x 2160/60p
The only 120 Hz format supported is at 1080p, not 2160p. So I'm assuming that's why you have to set HDMI 1 to standard.