How much you can see will be strongly impacted by how dark your skies are. I have a 3.1" and an 8" scope. I use them both at home at my very light polluted site.
Planets are not too impacted by light pollution.
As for DSO, there lots of DSOs that can be seen with 50 mm binoculars. Your 127mm scope gathers 6X the light of a 50 mm.
Light pollution hurts you most when it comes to contrast.
The Andromeda galaxy is considered a naked eye object at dark sites and an excellent binocular target at most sites. But in my 8" scope at my house it is just a white smudge. But go to a much darker site and what I see changes dramatically. Same scope, different location.
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