Absolutely. 128 GB is way overkill for anything except for when you are planning to use a lot of virtual machines. Then again, one will go into CPU performance issues even with the i9 9900 series if running that many VMs. 32 GB is more than enough for games and rendering.
Coffee Lake on Z170/Z270 is a big win for us and a huge midfing to Intel for deliberately crippling otherwise perfectly capable motherboards. I got the i5 9600KF from Amazon for only 14300 INR (was cheaper than the Ryzen 5 3500X at the time) which was one of the best purchases I have ever made. I initially wanted to go for 9700K/KF but it was costing 10000 INR more and honestly did not justify the extra cost for two more cores.