The 450 BPE is not the same as the 450 nitro. It's almost an exact duplicate of the 45-120 sharps.
CptCurl has covered the details.
Think of the .450BPE and the .450NE as the difference between the safe .45-70 loads in a Trapdoor Carbine and a Ruger #1.
The Trapdoor and Ruger .45-70 use the same brass but the performance is completely different.
As to it being a duplicate of the .45-120, yes the cartridge is similar in size but the .450BPE would generally use much lighter bullets than its American cousin.