If your signalling and switches are good enough, you can get to about ~30s headways. You can't really go faster than that because station dwell times will screw you. Scheduling this theoretical maximum is a daft idea, though, because any mishaps, and you have no spare time for recovery. Metro systems in practice usually end up being scheduled around 90-150s headway, so about 24-45tph.
There's one catch for trains though: most trains aren't dispatching single cars. Rather, trains on busy systems are generally 8 or 10 cars that move as a consist. If you factor that in to your example, you don't have 120s between cars, but rather 12s. That might sound like a lot, but you should have 3s between cars for safe driving anyways, and train cars carry well over 4× the number of people in individual cars. Even if every road car were full Jitney vans.