Not really. 128 bits for collision (using a 256 bit hash) is not the same as 128 bits for key recovery or preimage. It is much, much stronger.
Preimage and key recovery attacks have a linear drop off: halving the number of tries halves your chances of success. Collisions have a quadratic drop off: halving your number of tries divides your chances of success by four.
Moreover, it is easier to find one key if you have many keys to try (finding 1 key among N is N times easier than finding any specific key). No such considerations for collisions: finding any collision is just as hard as finding one collision among many.
512-bit hashes were never needed for their security levels. Though in some circumstances (deriving multiple keys, EdDSA), bigger digests come in handy.