The pressure plate just puts pressure on the film. It's the thing it is pushing the film against that determines film position, and focus.
The film + paper combination of 120 film is, of course, thicker than a film alone.
So what 'adjustable' entails in cameras with adjustable pressure plates, is either moving the pressure plate back to allow the thicker 120 film to pass between it and the image frame without too much strain, or(/and) an increase of pressure, which however would only be needed if the plate exerts just enough pressure to push the thicker 120 combo against the picture frame, but not enough to push the 220 film against it as well.
For as long as it indeed exerts enough pressure, the film will be pushed into the right position, the images will be sharp, no matter how thick the film. The plate being sprung, i can't really imagine that the pressure is (nor needs to be) so finely tuned to need two separate positions for 120 and 220 film.
What however also needs to be done when changing film type, is switch between two modes of the frame counter/frame spacing mechanism. So it may very well be that this is all the 'adjustable' pressure plate does: act as a switch for the counter/spacing mechanism.
If so: it really does not matter.