Hey mate, it’s officially listed on the CMF website as having 120hz adaptive refresh rate. Here https://cmf.tech/en-gb/pages/phone-1.
If you read the explanation of ‘high’ it says it’s a maximum refresh rate of 120hz, this means it’ll adapt depending on your activity so, for example a static website will be opening at 10Hz refresh rates and while playing a game it will change to 120Hz.
So, yes, there is adaptive refresh, it’s just not explicitly called out in settings but, by setting your phone to ‘high’ it’ll go to a maximum of 120hz but, might operate between 10hz - 120hz for some/most daily activities.