no, the 120 uses 120mm medium format film. that's why the pictures are square. and i do think the 120 shots turn out better.
ps you can modify your 120 to take 35mm film and your shots will come out like this, with the sprocket holes exposed.
http://www.holgamods.com/mods/mods.html
http://www.holgamods.com/mods/order/tips/tips.html