It's all relative, of course. Here's the immediate context:
When Lamech had lived 182 years, he fathered a son and called his name Noah, saying, “Out of the ground that the LORD has cursed, this one shall bring us relief from our work and from the painful toil of our hands.” Lamech lived after he fathered Noah 595 years and had other sons and daughters. Thus all the days of Lamech were 777 years, and he died.—Genesis 5:28-31 (ESV)
Compared to Lamech, Mme. Calment died regrettably young. She ought to still be in prime of her life.
However, the NET Bible footnote offers a simpler solution:
Heb “his days will be 120 years.” Some interpret this to mean that the age expectancy of people from this point on would be 120, but neither the subsequent narrative nor reality favors this. It is more likely that this refers to the time remaining between this announcement of judgment and the coming of the flood.
Further, we can see that Genesis contradicts the idea that 120 years is a hard limit:
These are the generations of Shem. When Shem was 100 years old, he fathered Arpachshad two years after the flood. And Shem lived after he fathered Arpachshad 500 years and had other sons and daughters.—Genesis 11:10-11 (ESV)
The ages do drop fairly rapidly. Nine generations later:
The days of Terah were 205 years, and Terah died in Haran.—Genesis 11:32 (ESV)
Assuming a limit to the length of life is meant, the author(s) of Genesis seem to be thinking in terms of approximations or orders of magnitude. An occasional 122 (or 130) year-old is to be expected, but we don't see anyone living 500+ years anymore.