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Yes....

: If so, does it mean 1120 is better in terms of
: quality, accuracy and reliability ?

The ETA 2892-A2 is the base movement used to create Omega caliber 1120. Caliber 1120 is extensively modified for optimal performance. It is certainly more accurate and durable than a base ETA 2892-A2, but I'm not sure there's any difference in reliability. The ETA 2892-A2 is a decent movement in its own right, but once it becomes caliber 1120 all of the potential weaknesses of the movement have been eliminated through modification.

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