Huge difference between the two? Yes and no. They're intended for different things. The 120 has extra built-in focusing extension so you can focus closer, and it is optimized for closeup/macro work. The 150 is a moderate telephoto/portrait lens. The 120 tends to be edgy-sharp, the 150 has a rounder, smoother look to it. There's a reason a zillion portrait photographers use/used that lens!
I own the CF 120, and use it for every type of subject. It is an excellent lens and the focal length often matches my vision for many subjects and situations. I use it for the occasional portrait. Would I buy the 150? No. The focal length would be so close it would be redundant. Same in reverse, if I owned the 150, I probably would not buy the 120, since I rarely do macro or very close-up work. I like that I can focus the 120 close enough to do a head/shoulders shot without adding a short extension tube. 120 too sharp for portraits? There are many ways to soften a picture.
I own the 120, in part, because it was part of a package deal when I bought a 3-lens kit, but I would prefer to have it over the 150 anyway. It's a great lens, and I like it for its versatility. If I need more magnification, I can always add an extension tube or two, but I'm not a big macro shooter. The 120 focuses down to a 1:4.5 or so reproduction ratio, which is plenty for 99% of my needs.
If you're going to do a lot of heavy macro work, consider the 135mm macro lens. Not great for the field, since it uses a bellows on a track, but it is a fabulously sharp lens. It will be harder to find and more expensive than the 120, but it's an amazing optic.