IMO 120 is the extreme limit but a good limit. Anything higher than 120 is to long and, personally, I'd ask for that to be fixed in a code review.
Long lines are less readable and I want to have several terminal panes or editor windows side by side.
Some languages are just naturally worse at this (eg. Java), so there is always some flexibility. But for most languages that don't have multiple levels of indentation by default and the custom of overly long names, 120 is more than enough to be a good guidepost.
When I'm coding for myself, I use all of that at times. I love that there are some things I no longer have to break onto multiple lines any longer.
Also, if you have a ton of nested loops etc, then you don't end up with that problem where you can only see the first few characters of the deepest lines.
Also, excessive nesting is almost always a code smell.