A "tick", or an update, is a single step forward in the game's state. UPS (as I'll call it from here) or tick rate is the frequency of those. So, 128 ticks/s == 128 updates per sec.
That's a high number. For comparison, Factorio is 60 UPS, and Minecraft is 20 UPS.
At first I imagined an FPS's state would be considerably smaller, which should support a higher tick rate. But I also forgot about fog of war & visibility (Factorio for example just trusts the clients), and needing to animate for hitbox detection. (Though I was curious if they're always animating players? I assume there'd be a big single rectangular bounding box or sphere, and only once a projectile is in that range, then animations occur. I assume they've thought of this & it just isn't in there. But then there was the note about not animating the "buy" portion, too…)