LeadTurn_SD
Contributor
Lastly, the fact that I have never even heard of this in any of my many, many diving courses and cert classes makes me think there must be a reason.
To me asking the question, "Does anyone still use the 120 rule" is perhaps a little bit like asking, "Is anyone still driving a car without seat belts?"
Sure, maybe, but why would anyone do that given that seat belts (read: dive tables and computers) are readily available?
The rule pre-dates your training. I am surprised it was never even mentioned in any of your training.... maybe ask for a refund?

As mentioned, the basis is a "happy coincidence" in the Navy dive tables (the older tables).
It is easy to remember: "60 feet for 60 minutes" has remained in my old brain since I learned the rule as a teenager in the 1970's. I don't use it for dive planning any longer, other than as a "reality check" for any other method I might employ. As already stated, it is a quick and dirty memory aid that DOES work for certain depths on the first dive of the day, square profile.
Best wishes.