AFAIK, there's this Dencun upgrade that has happened for Ethereum lately. And that is about the decreasing of fees. I don't know why you've been asked for a $120 by that wallet of yours for a $10 worth of ETH to transfer. Gwei(gas fee) right now is around 47 and it's likely $1 but if this is a wallet that's from a dex then it's about the commission that they're getting. One thing that you can do is to always monitor the gas fees and check it out if the fees are acceptable to you to do the transfer.
Dencum upgrade has nothing to do with layer 1. It has to do with layer 2 wherein now the data will be stored in
blobs, which will reduce the fees in layer 2. The current high fees in layer 1 constitute for various reasons as we know and nothing can be done about it. All we can do is wait patiently for the fees to come down and that will take some time. This is the reason why a lot of traders are not longer using Ethereum DEX and are migrating to other blockchains where the fees are less.