You don't say what frequency but 120 pF suggests low HF or lower.
Varactors have problems if the RF amplitude is comparable inmagnitude to
the control voltage. This is almost always the case in equipment not
designed to work with varactors. The Q is at least one order of magnitude
lower than that of an air variables. Plus they are prone to
intermodulation and other effects if used near a front end that can be
overloaded.

Apart from that, every TV and VCR tuner manufactured in the last at least
25 years used and uses varactors and there seem to be no serious problems
so it depends on what you really do.

Peter

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