Yes it is - almost too much. The time spent managing, organizing, updating, and backing up all that crap is getting to the point where it's counter-productive. Forget about cloud backups, just duplicating it all to spinning drives and driving to the safe-deposit box once a month is enough hassle for me.
Part of the problem is that with many modern Kontakt libraries you can't easily reduce their size by keeping what you like and deleting the rest. A Kontakt-player library won't easily let you do "save-outs" of just the content you want, and even with most ordinary Kontakt libraries it's difficult, if not impossible, to manage the dependencies between instruments and the sample content they require. This makes for situations where multiple instruments refer to a single copy of a sample, so even if you go to the trouble of doing save-outs of just the ones you want, the resulting folder is sometimes actually bigger than the source was, since you've now duplicated sample content when multiple instruments previously referenced only a single copy in the original source. Trying to condense the results of save-outs can work, and I have done this successfully... but what a freaking chore. In the end you have to decide what's "cheaper" - the cost of your time to reduce and condense, or the cost of just sighing and hitting "add to cart" on some more SSDs.
And, of course, things like Play libraries, Spitfire's HZ Strings, etc. appear to the user as monolithic bricks that you can't peel apart at all, so the terabytes go by quickly once you're in that world.
This is all a bummer because I only use about 1 in 100 sounds in any given library, but I can't easily discard what I know I'll never use. This is part of why I love converting things to EXS - I'm forced to decide if any given sound is worth the trouble, and the resulting "greatest hits" bank is a fraction of the size of the original, and organized, named, and folder-ated in a clear and logical manner that makes it a breeze to compare spiccato violins from various libraries with a press of the down-arrow key.
Still, as much as I groan, it's still better than that old briefcase full of floppies!