Yes, the Sony SF-M Tough Series 128GB SD UHS-II is compatible with the Sony ZV-1 Mark II.
Sony ZV-1 Mark II's own Help Guide states its fastest 4K mode (XAVC S 4K 100Mbps) only requires an SDHC/SDXC U3 card -- well below this card's real 150 MB/s write speed. Sony SF-M Tough Series 128GB SD clears that floor with wide margin.
“XAVC S 4K 100Mbps* SDHC/SDXC card (U3) XAVC S HD 100Mbps SDHC/SDXC card (U3)”
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