The only way a suppressor is going to be at or under 120 decibels is if you are shooting subsonic rounds. (as long as we're talking .223/5.56) I don't know of ANY suppressor on a supersonic round, in 223/5.56 that is going to be hearing safe. That might be subject to argument, but I suppose what someone considers "hearing safe". I'll go out on a limb here, and assume that we're interested in AR mounted suppressors, and their effects...........not on a bolt gun. The sonic crack from a .223/5.56 isn't hearing safe, which effectively makes a suppressed AR not hearing safe, as you're gong to have to use supersonic round to function an AR.
I'll add that I have a Surefire Socom RC 5.56 suppressor, and I can say that a suppressed 5.56 IS NOT quiet, not by any stretch of the meaning. I can only imagine what a moderator DIDN"T do to reduce noise. Now, having said all that, if I was wanting a real deal moderator, I wouldn't let the fact that it isn't going to do diddly squat slow me down.