I can confirm instances are working with 80GB+ but I don't recommend
running this way because of the slow fork() that will occur during
background saving and the long time the instance takes to boot up or
synchronize.
Also, if you have a big instance, you are likely to have a lot of
clients. Because of the single-threaded nature of Redis, this is not a
good idea.
As a more general recommandation, if you have "big" needs (>= 20 GB)
you should rather shard your data across more than one Redis instance
(run 64 Redis instances for example).
120MB won't be a problem but sharding might be good if you think your
dataset or traffic will grow a lot.
A.