No, relatively speaking, it's not a lot. Yeah, it's a big number in a vacuum, but comparatively it's dwarfed by other countries we should want to compete with.
119,700 isn't a lot in the context of overall immigration and the number of immigrants who come here to study and for employment. The number also includes the immediate family of the recipient (spouse + children), which would be about 2/3 or 1/2 of the 119,700.