I can speak from playing experience at my home course 120 is too much, especially into a prevailing 15 mph wind. A shot of that length is impossible for a typical woman and many higher handicappers. But what is on the other side matters, and as some have pointed out in this thread is it water or sand; one cannot be recovered from.
Also, any carry is really 15-25 yards longer because you have to lay back a little bit, and that assumes you hit the tee shot the exact distance you wanted. Also, that number is to carry only to the waters edge; the middle of the green is another 10 yards.
Saturday, in our club championship, with winds gusting 30+ (which is not uncommon) it was a 4-hybrid layup (water starts about 200 yds off the tee, which is a 210-215 yd club with roll) which I intended to finish at 175-180 to give me a little margin of error or a slight drop in wind. It ballooned a little in the wind necessitating a 5 iron (195 yard club) from 163 yards which barely carried the water.
If the green was set-back 20 or 30 yards from the water, there is a margin for error and allowing for using a longer club that if not struck perfectly will still carry the water, but tucked against the water - think 18th at Bay Hill - you either find the green or dunk it. Also, if the water was angled at the landing area so you could attempt to hit something longer off the tee and play more into a neck, then there is a risk reward for all players including accurate women or older men who could challenge the water a little and shorten their carry on their 2nd shot.
The result is the #1 handicap hole despite being only 342 from the white tees, and IMHO, a terrible golf hole.