Yes. For exposure, light meter readings are essentially independent of film or sensor size. A meter measures scene brightness and tells you an exposure combination for the ISO you set; the same f-stop and shutter speed apply whether you’re shooting 35mm, 120 medium format, APS-C, or large format.

That’s why handheld meters historically never needed a film-format setting.

If you saw differences between your phone app and a camera meter, the cause is more likely one of these:

• reflected vs incident metering
• subject brightness fooling a reflected meter
• TTL camera metering seeing filters or lens transmission differences
• app/camera calibration differences

A camera’s built-in meter is usually reflected and measures the scene through the lens. A phone app is also generally reflected unless used in a specific incident-meter workflow. So the reading can vary depending on what part of the scene is being measured.

So: no special compensation is needed just because you’re shooting 120 film. If your app is reasonably calibrated and you’re using the correct ISO, your exposures were likely appropriate.