The 32 mA sink and source capability per channel is enough to switch a small relay, drive an LED, or fan out to multiple CMOS loads, but the SOT-553 package limits total dissipation — keep the duty cycle in mind if you are driving near the full 32 mA continuously at high temperature.
The SOT-553 package is a 5-pin surface-mount footprint — verify your board's pad pattern matches the 1.6 mm × 1.6 mm body, not the larger SOT-23 or SC-70 that some 74LVC1G126 variants use. The 3-state output lets you share a bus line: drive the output enable low to put the output in high-impedance, so another device can drive the same trace without contention.