Thunderbolt was developed by Intel and Apple, and they have always been an early adaptor when it comes to new versions. So, now that Intel has announced Thunderbolt 5, it wouldn't be surprising if it came with Apple products later this year or maybe in 2025.
Then again, Apple is notoriously slow when it comes to updating their external displays. Maybe, Thunderbolt 5 comes with new macs silently next year or so and nothing happens about external displays for a few more years. This way, when a substantial portion of MBP, MP, etc. out there in use can support 120Hz at high resolutions, it will have been roughly a decade since the introduction of Pro Display XDR, a perfect timing for Apple to introduce a shinny new XDR that costs you a handsome amount of money. Oh, Studio Display? My money's on you waiting another few more years after that.