Quick Answer
With a 127mm telescope, you can reliably observe rich lunar crater detail, Jupiter's two major cloud belts and its four Galilean moons, Saturn's rings with clear ring-globe separation and Cassini Division glimpses in steady seeing, Venus phases, and Mars as a small disk with albedo hints near opposition. On deep sky, bright open clusters, major globular clusters like M13 with partial edge resolution, planetary nebulae like M57 and M27, and the Orion Nebula are all realistic even from suburban skies.
Under darker skies, a 127mm scope also shows the brighter Messier galaxies as soft glows with concentrated cores — Andromeda, M81, and M82 are dependable examples. You will not see photographic spiral arms, but you can learn to detect orientation, core brightness differences, and halo extent. Performance sits between the 114mm and 130mm classes: nearly identical to 130mm in light grasp, with the practical differences coming from optical design and focal length rather than aperture.