If you observe sv 195 at Tiong Bahru Plaza, you would know that
each bus takes 70 pax there, with some 10 pax left out. So around
80-90 pax every 10 minutes during PM peak. Now with two services,
you can expect this to be split + some new additional pax who will
go to TBP or take TB MRT due to direct access. So 121 loading
should be around 50-55 pax during PM peak at Tiong Bahru and so
should be 195 loading with 50-55 pax. This way both services get
relieved with good number of pax.
I think 121 is a good route. So you see while I complain about
120 route being shitty, I also acknowledge when a route is good.

Like I said, 120 is not totally stupid. Its saving grace is
Alexandra Road...