Both Panasonic TS6 and Nikon AW120 have 16.0 MP resolution sensors but Panasonic TS6's sensor is 1/2.33' (6.08 x 4.56 mm ) and Nikon AW120's sensor is 1/2.3-inch (6.17 x 4.55 mm ).
Since Nikon AW120's has a larger sensor area with the same resolution, this means that it also has a larger pixel area hence better light collecting capacity for a given aperture compared to Panasonic TS6.
Below you can see the TS6 and AW120 sensor size comparison.
Panasonic TS6 and Nikon AW120 have almost the same sensor size, so neither of them has any significant advantage over the other in terms of providing control over depth of field when used with the same focal length and aperture.