I believe so. If you look here:
https://rog.asus.com/forum/showthread.php?131027-RaptorLake-Resourcesand click on Z690 Hero, you will find the latest release candidate BIOS placed there by Shamino. It was 2201RC, but I noticed earlier today that 2203RC is now there, So it is being worked on. Not sure when it will be officially released, or even if it fix your 128Gb of RAM question. But yes, there will be another version - it's coming
🙂
Z690 Hero, 12900K, BIOS 4001, MEI 2433.6.3.0, ME Firmware 16.1.35.2557, 7000X Case, RM1000x PSU, ASUS TUF OC 3090TI, 2 x 16GB Corsair RAM @ 5200MHz, Windows 11 Pro 23H2, Corsair H150i Elite AIO, 4x Corsair RGB fans, 3x M.2 NVME drives, 2x SATA SSDs, 2x SATA HDs.