Step 1: Evaluating the Assertion (A):
Diabetes mellitus is indeed a chronic metabolic disorder characterized by high blood sugar (hyperglycemia) resulting from defects in insulin production, insulin action, or both. Thus, the assertion is True.
Step 2: Evaluating the Reason (R):
Glycosuria is the excretion of glucose in the urine. The normal renal threshold for glucose is approximately $160\text{ to 180\text{ mg/dL}$}, not $120\text{ mg/dL}$. At $120\text{ mg/dL}$, the kidneys can easily reabsorb all filtered glucose. Therefore, the reason is False.