"C57/129" indicates that this cell line is derived from a mouse with a mixed genetic background of C57BL/6 and 129 strains. This is very common in research, as many knockout mice are created by targeting embryonic stem cells from a 129 strain and then backcrossing them (often incompletely) onto a C57BL/6 background.
Yes, they are perfectly suitable for a wide range of studies, including morphological analysis, gene expression studies (e.g., M1/M2 polarization), and physiological assays (e.g., phagocytosis). They are particularly valuable, however, as the genetically-matched wild-type control for experiments involving C57/129-background knockout cells.
This cell line is the ideal "control" for many common knockout mouse lines. If your knockout mouse has a mixed C57/129 background, it is crucial to use a control macrophage line with the same mixed background. Using a pure C57BL/6 or pure 129 line could introduce genetic variables that confound your results.
For Research Use Only. Do Not Use in Food Manufacturing or Medical Procedures (Diagnostics or Therapeutics). Do Not Use in Humans.