In the UK I've experienced 121s and I feel like it's more about having a higher point of contact for an employee, where you can discuss anything you want in longform, including personal development, but also day to day issues, what's been annoying, who's been annoying, what could be improved, other suggestions etc. Things that higher management do not have time for (to dedicate 30-60 minutes to sit down with each employee).

Then those longform discussions are summarised and points raised higher up the chain as needed.