Based on your voltage sag i'd say this battery cannot take much more power.
If you are hitting 115km/h unloaded then this is too fast of a winding for the battery included with it, this motor requires enormous amps and your voltage sag indicates you may have ~2C rated cells, thus it cannot feed the motor what it's asking for to produce a lot of torque in the low to mid RPM range.
If you would accept a slower top speed, you could get a motor with a slower winding and the limited amps your battery can output would go further.
This controller does not look really tuneable. If one of the settings correlates to 120A, but can't go higher, the controller is not capable of feeding enough power. A more appropriate phase amps for a big motor with low turn count like this is 200A+, and battery current more like 80A or more