I think you have had the same low compression with both heads on the same cylinder so unlikely to be the head. A big coincidence if it was. 120 compression is low. 160-180 better. 10% difference between cylinder acceptable. New rings won't have bedded in yet so that won't help compression. Did the bores get honed for the new rings? Glazed bores are generally not fixable without honing.
Did you use the same rocker gear with both heads? A cam can be checked visually for excessive wear by watching the rocker movement while turning the crank by hand. A dial gauge on a magnetic base is obviously better if one is available.
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