Context 124:5-7 6 Praise be to the Lord, who has not let us be torn by their teeth. 7 We have escaped like a bird from the fowler’s snare; the snare has been broken, and we have escaped. 8 Our help is in the name of the Lord, the Maker of heaven and earth.
ESV - 7 We have escaped like a bird from the snare of the fowlers; the snare is broken, and we have escaped!
For follow-up discussion and general commentary on the topic. Comments are sorted chronologically.
Verse 6 in this chapter says, "Blessed be the Lord." He is the source of all blessings, Psalm 103:2.
The imagery of the bird reminds me that many animals are used in scripture. Refer to verse 3 in this psalm and we see that ravenous beasts are enemies.
In verses 1-3, of Psalm 11, the bird is helpless prey.
Revelation 18:2, we have hated birds.