What the number is actually measuring
Refresh rate is how many times per second the screen redraws its image, measured in Hz. A 60Hz screen redraws 60 times a second, a 120Hz screen doubles that. In theory, more redraws per second means smoother motion, since there are more individual frames to represent movement between one moment and the next.
But the refresh rate is only as useful as the content feeding it. A movie filmed at 24 frames per second doesn't suddenly become smoother just because the screen can refresh at 120Hz, since there's no extra source information to fill those additional refreshes. The screen has plenty of headroom, but nothing new to show in it without help.
