Peter,
The way PHD2 works with WDM Webcams is this: when you connect to the camera, the camera starts exposing frames at the camera's exposure duration specified in the camera dialog. When PHD2 is ready for a new frame, it accumulates (sums) camera frames for the duration selected on the main window (but always at least one frame). For example, if the camera is set to 100ms, and the exposure duration on the main window is 2s, PHD will accumulate 100ms camera frames for 2 sec, approximately 20 frames.
If you prefer to use the ASI120MM's long exposure capability directly without accumulating frames in PHD2, you could connect to the camera using the ASI120MM ASCOM driver. In that case PHD2 will do single exposures of the duration specified on the main window.
Andy