Richard,
The best, no, the only way to use your 120 mm Makro-Planar is by adding extension.
But don't think that new lenses today need a lot of extension.
Techniques of building optical systems that are not a rigid arrangement of lens elements, but allow for nice things to happen by changing positions of these elements relative to each other too have taken off big.
For instance, how else can you have a fast autofocus lens if not by just moving part of a heavy lens?
The same "trick" was first employed in making zoom lenses, elaborated in constant-aperture zoom lenses. Next there were "floating element" lenses. Then floating elements and cell focussing (in which one element or one group of elements was moved relative to the rest of the lens elements) were combined.
Finally combine all three, and you get modern lenses. Very complicated, but thanks to brute force provided by computers, not a problem.
New macro lenses are not rigid things that are put, as a whole, at ever increasing distances from the film plane, but are devices in which by shifting lens elements relative to each other, focal length (and with it magnification) changes.
The new H-series 120 mm macro lens is such a new-fangled beast. It certainly does not come with 120 mm of extension built-in.
it being an auto-focus lens too, the mass of the part that has to move to focus has to be small. So it is a "front focussing lens", i.e. only the front group moves, relative to the rest of the lens. Not the entire lens relative to the film.
Your 120 mm Makro-Planar does the latter: it moves as a whole, away from the film, when focussing closer.