CD quality is not 192 kbps. 320 is the maximum bit rate that a MP3 can provide, and is the standard for the other lossy formats (such as AAC). These formats compress audio by cutting out difficult to hear frequencies. By contrast, CD quality is considered lossless, because it represents the entire frequency of the sound wave. 320 kbps is less data than a CD.
Whether the jump from a good quality MP3 to a lossless format gives you a higher quality listening experience is up for debate, but 126 kbps is definitely terrible.
This website can help you compare the bit rates and see if you can hear the difference. http://www.npr.org/sections/therecord/2015/06/02/411473508/h...