That 125w TDP can be ignored. Why?
Because it only applies to the cpu under an all core workload while it is running at BASE clock. Almost no one is going to be running these cpus with Turbo Boost disabled.
The 11700K has a PL2 of 251w. That applies to the cpu under an all core workload under Turbo Boost.
The above stuff aside, I could tell you that, yes, that cooler would be ok with that cpu.
The cpu is pretty power efficient - when it's following the Intel specs.
People often don't have their cpus follow it though, for one reason or another; for some applications, the power limits + turbo duration(in seconds) are a bit too conservative, so they'll raise/remove 'em and cause the chip to run hotter.
The cpu being power efficient may...