120 HP is 88kW. You could shrink this considerably & still have a very nice range extender. (Edited: proper conversion)
This is about the efficiency we should expect from modern EVs making traction power (with some better, some worse), and the efficiency backwards has some nuance about torque vs power, but generally generation is using the same principles & systems in similar configurations.
If anything, I think efficiency should be higher for comparable-ish systems, since a range extender can tune for an incredibly narrow power-band where-as EV electric motors have a range of rpm they have to operate across.