I am not an expert but have taught a few kids in that IQ range and kept in touch with them. The oldest has recently graduated from college.
They can all learn school subjects with such ease that most schools fail to challenge them. A potential pitfall is the lack of practice for patience and perseverance in order to achieve. They just achieved many accolades with only a bit of effort. The ones that kept being challenged by intellectually interesting environment tend to do better.
Also, communications with average students could become quite boring for them. The interests and intellectual gaps tend to grow larger as they grow older. This may hinder their social development somewhat.
So I believe and also read that it might be better to put them in gifted classes (usually for 130+ IQ kids, which can still be too easy for your child) and possibly even skip a couple of grades [1] to allow them to socialize with intellectual peers.
Having interactions with average people is certainly useful but also socialization with their intellectual peers.
[1] With comments below and some more thought, it might be better to take gifted classes and skip at most just one grade, and if the classes are still too easy, focus his mental energy on extracurricular challenging and meaningful projects
Example of a worthwhile project I recently read about:
A 14-year-old girl is building AI/software to help Alzheimer's patients recognize their loved ones:
https://www.fastcompany.com/40519094/a-14-year-old-made-an-a...