Contacting under a colour enlarger works fine but there is always the problem of dust and scratches on the glass. I used to do a lot of duping commercialy 20 years ago, and we would use the enlarger set at 1:1 magnification with a 150mm and then project onto 5x4 duping film. It will never be as sharp as contacting but in most instances will be absolutely fine. Making sure the film is masked, it is possible to get two 120 dupes on a sheet of 5x4. The only near 120 film I think was 70mm but doubt that is available. Not sure if any dupe film is still around actually. Shame no one wants dupes any more. Used to be good money in it!