Canon's latest FF sensor has less DR than Sony's 1" sensor. It's so bad that Canon is now sourcing the Sony 1" sensor so they can release a competitive compact camera (the G3X).
Canon doesn't have the linear "iso-less"-like behavior like the Sony sensor has, so it's more noisy on the base ISO level, but keeps up quite well in higher ISOs. The big change is that their latest sensor tech in 7Dmk2 and 5Ds got rid of the dreaded pattern noise, which was the major limiting factor before. Now you can say it's about at the same performance level as a P45+, or my own H4D-50.
Yes for some shooting styles where you tonemap a lot the P45+ was not good enough and the 5Ds is not good enough either. However, for many other shooting styles where you don't push shadows the current achievable DR is quite fine. Actually some claim that the extra stops you get from the Sony sensor does not help
that much as you generally have bad lighting in those areas anyway, ie no idea to push shadows that much.
I have a shooting style myself where I actually prefer high pixel count over high DR if I have to choose (having both is best of course).
One reason why Canon might be pushing it to 120 megapixels is that they see that they can have a lead in that area (together with high shooting speed too), while they consider the DR battle lost for yet some time. Sony is incredibly hard to beat on that metric.