What they are talking about is known in Ireland as an Instantaneous Water Heater. Very common in Ireland in non-domestic situations such as shops, delis, hairdressers, etc.
Not very common in domestic.
Whoever wrote the article is exaggerating a bit. Stored hot water is never stored at temperatures above 120C as this would be steam if stored at atmospheric pressure. Even in a pressurised dhw situation, where the boiling point rises as the pressure increases would be limited to 60-65C at first safety safety, 80-85C at second safety stage & 90-95C at the final safety stage.
Domestic HW is most commonly stored at 60C.