Machine-precision numbers are stored internally by a 64-bit pattern encoding the IEEE 754 format. Each bit pattern describes a rational number of the form $\pm m\times 2^{e}$ where $m$ is the mantissa or significand and $e$ is the binary exponent. To see which rational number is encoded in a given machine-precision number, we can set the precision to infinity:
SetPrecision[9.2 - 8, Infinity]
(* 337769972052787/281474976710656 *)
SetPrecision[(9.2 - 8)/1.2, Infinity]
(* 9007199254740987/9007199254740992 *)
The latter number is clearly less than 1.
Digging a bit deeper, things clarify when we look at the involved numbers in their hexadecimal representations:
SetPrecision[9.2, Infinity] ==
2^-48*FromDigits["9333333333333", 16]
(* True *)
SetPrecision[9.2 - 8, Infinity] ==
2^-48FromDigits["1333333333333", 16]
( True *)
SetPrecision[1.2, Infinity] ==
2^-52FromDigits["13333333333333", 16]
( True *)
Note that the representation of 9.2 - 8 has one fewer digits in the periodic expansion than the representation of 1.2. This comes from the cancellation and error amplification when subtracting two large numbers (here, 9.2 and 8) to form a smaller number (here, 1.2).
Another way of seeing IEEE 754 floating-point numbers is as intervals: for example, the machine-precision number 9.2 is actually the interval of size $2^{-48}$ centered at $2589569785738035\times2^{-48}$: it is $9.2=(2589569785738035\times2^{-48})\pm2^{-49}$. The interval's size is given by the number of binary digits that we can store in the mantissa. Subtracting 8 (an exact number) from this number gives $9.2-8=(337769972052787\times2^{-48})\pm2^{-49}$; notice that the interval's size has not changed. This contrasts with the number $1.2$, which can be expressed as the interval $1.2=(5404319552844595\times2^{-52})\pm2^{-53}$ and has a 16-fold smaller interval size.
(9.2 - 8)/1.2 // FullForm. – Carl Woll Mar 11 '21 at 21:48(9.2 - 8)/1.2 // FullFormilluminating—Mathematica does this occasionally annoying thing where it rounds numerical output in output cells by default. As to why(9.2 - 8)/1.2is less than one, I'm not totally sure beyond "implementation details", and that's still worth getting an explanation for. EDIT: I see @CarlWoll beat me to it by 15 seconds... :) – thorimur Mar 11 '21 at 21:49Round[x,0.1]will do the trick for me :D – Sofi Ixchel Mar 11 '21 at 21:58