There are tons of limitation on the on-demand, certainly it cannot go to extent of 120k ops. Check their example, they toy with a tiny workload.
You might also want to read about the scaling behavior of DynamoDB On-Demand (https://docs.aws.amazon.com/amazondynamodb/latest/developerg...). Of course you can't immediately scale to any arbitrary request rate, but the way it's implemented sounds fine to me.
So do you have a source for your claim?