140mm Fans will generally speaking push more air for less RPM (they have a larger blade, therefore more air movement) so ideally they do what a 120mm can do except quieter.
There are some (Not many) 140mm fans that are more optimized for Rad/HS duty but being so few and far between 120mm fans will still reign supreme in that field for the time being. Namely because they have been a standard for much longer than the 140's.
That being said, in the future as case fans keep increasing in size I am sure we will see more and more offerings for 140's that will far surpass what the 120's can do at this point.
Back to the original question, both of you are right in essence
ST