You said you read 120volts on each leg at the terminal block. Do you read 240 volts across the 2 hot legs there?
With your meter set for volts and the dryer running in a heat mode do you have 240 volts at the 2 terminals on the heating element.
If so the element is bad.
If not start back tracking to all thermostats and relays checking for continuity of the part with the dryer unplugged and the wires removed from the component.
Those parts would be the hi-limit thermostat the thermal cutoff and the operating thermostat.
You can check the motor relay centrifugal switch to make sure it is closing to send one leg of power to the element.