Run both in production, S120 on two Komatsu presses and Sigma-7 on an Aida. My take after 5+ years with each:
Siemens S120 wins on deterministic cycle time. The SINAMICS Integrated safety (STO/SS1/SLS all on the drive) means you do not need a separate safety relay for most press applications, which simplifies the cabinet. The downside is commissioning time. Expect 2-3 days of parameter tuning with STARTER or TIA Portal to get the torque loop response right for press duty. The default auto-tune is optimized for machine tools, not the high-inertia impact loads of a press.
Yaskawa Sigma-7 wins on ease of setup and cost of ownership. The press-specific auto-tune mode (Pn170=3) gets you 90% of optimal performance in 20 minutes. Spare parts are cheaper and the amplifier swap procedure is simpler because the parameters store on the encoder battery backup, not just the amplifier EEPROM. When a drive fails at 2am, your maintenance guy can swap it and be running in 30 minutes without a laptop.
One thing people overlook: the Sigma-7 has a 3.2kHz current loop vs 1.25kHz on the S120 CU320. For press applications where you need fast torque response during the forming stroke, that matters. The S120 compensates with better feedforward algorithms but you have to tune them manually.
If I were standardizing a new shop today with 5+ presses: Yaskawa for the maintenance simplicity. If I had one critical press doing exotic forming profiles: S120 for the flexibility.