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.

There's over a million foreigners in school.

I had a friend with a CS degree ask if I would marry her because she didn't want to go back to China and couldn't get an H1B.

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.