But there is many unknown variables. If the hammer is like 95-97% of peak, as nervosstrig talked about, the 90 bar might get more shots, as you do not have to stop shooting at 120 bar (to prevent velocity increase). But that also depends on the maximum fill pressure of the gun. If the gun has a max fill pressure of 200 bar, and you stop shooting at 120 bar reg, the 90 bar reg allows you to shoot lower down before you have to stop. But if the gun fills to 300 bar, and you stop at 120 bar, the 120 bar reg probably wins, as even you stop at 120 bar, each of thouse shots will use less air.
In a practical scenario, you can probably shoot the 120 bar reg setting, off the reg, down to 110-100bar, before any big increase in velocity apears, and you have to stop. In that case the 120 bar setting is probably a winner.