Terminal velocity depends on air resistence and gravity.
120 mph is only good for 10,000 feet or so.
Terminal velocity from stationary in space is 7 miles per second = escape velocity, which is the same thing in reverse if there is no air.
Note: 120MPH is based on a lot of assumptions as well - not the least of which being a large, stable ‘box man’ position. It is also just a rough estimate.
At a given weight, larger jumpers will be slower than smaller jumpers. A tight ‘mantis’ position will be faster than an open ‘box man’ position. Head down will be significantly faster than flat.
I’ve personally achieved speeds of approximately 160MPH in freefall while flat, though my average fall rate has been closer to about 135MPH...