I have seen systems configured that way.
It might be best to consult the manual for the specific cooler you are looking at and see if it lists either compatibility or a TDP value not to exceed.
IMO, a 120 mm AIO would be inadequate save for perhaps a system running at minimum/base clock speeds, hardly an ideal solution considering one is buying an 11700K....
(I'd rather have a Noctua NH-D15 than any little AIO)