That being said, I would still buy a 240Hz instead of 120Hz if I had a choice and the price difference isn't that much. There is still a perceivable improvement as far as I'm concerned.
On a tangential note, I frankly think 4K (let alone 8K) is a waste of money if you're still rocking 60Hz. The smoothness of 120Hz or above makes a far bigger impact than the higher DPI from rendering 4K. Everything from reading texts to watching videos to playing games benefits from higher refresh rates and to a greater degree than from higher resolutions.