Yes. Generally, the larger the model, the more knowledge they have.
However, knowledge is not everything, 27b (even 3.6) is much better than Qwen 3.5 at calling tools and general programming.
27b is also a dense model (27b parameters are active at the same time) while 122b is a MoE model with just 10b active parameters. Usually this makes 27b much smarter at understanding complex situations.
I would recommend trying both and seeing which performs better in your tasks. You can also use something like llama-swap to seamlessly swap between them.
If you need something fast, Qwen3.6-35b is also MoE with 3b active parameters. It is really fast and fairly competent in many fields.
Gemma-4-31b is another dense model that does really well with languages (translations, summaries, ...). There's not really a one size fits all with local models but with swapping them around you can get some great results, especially on a Framework Desktop where multiple of the smaller ones might fit at the same time.
