I was going to ask which test was administered. Likely it was WISC, in which case you should have a far more detailed breakdown of how they got to the broader IQ score.
In all honesty, my least gifted kid (125) is the one that romps home with the best grades, because she is a natural grafter, diligent student, and just accepts that's what she has to do.
The other two are brighter on testing, but for various reasons it doesn't translate to school performance (one either has ADD or is bored rigid, depending on who you ask
and the other has cerebral palsy)
It is of course entirely possible to be (using the controversial term) 'twice exceptional' or 2E, and have a learning disability or other exceptionality as well as 'gifted ness' or whatever we are calling higher potential.
Ultimately, iq tests are mildly interesting, particularly when you look at the sub-scores, but probably aren't really indicative of performance. It is fun for the paed to tell the five yo she has a higher iq than her doctor, but it doesn't mean much in the longer term.
One of the tests (I forget which one) may also have been affected by cultural interpretations - I know during one test I realised it was highly biased to particular sub groups in terms of the pictures used for word associations or similar. I can't remember exactly which one it was, but remember pondering how many 5yos would recognise the item as I hadn't seen one in twenty years lol...
But yes, ask for the Ed psych report and read the reports from each section. Much more enlightening!
My child genius
was in a wheelchair when she did her testing. People used to speak very loudly to her, or to me about her. There was no parading, but it was enlightening to realise just how many people assume wheelchair = learning disability. She didn't ever set foot in a private school as none would take her. I don't think private schools have the monopoly on bright kids, however much they would like to assume so. Just rich ones.