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So, I just dropped a 120fps clip into a 24 fps sequence and it automatically converted it to 24 fps without slowing it down. How is this possible? is this an adequate way to convert 120 fps clips to 24 fps clips without interpreting them and making them slow motion? (Shot on A7Siii in 120 fps, 4K. in case anyone was wondering)
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When you cut a clip into a sequence, if the frame rate of the clip doesn't match the rate of the sequence, Premiere Pro will automatically skip or hold on frames where necessary to match the original temporal cadence so the video still appears to play in "real time".
In your example, there are 5x as many fps in your 120 fps clip as in your 24 fps sequence so if you go frame by frame through the sequence you should see only ever fifth clip of your source clip. Premiere is just skipping four frames each time, to keep up the same rough amount of clock time as was happening when the video was recorded.
The inverse also happens. If you cut a 30 fps clip into a 60 fps timeline, Premiere Pro will hold on each source frame for two frames in the sequence.