Eventually 120 all is the goal (other than you, Invention, you over-achiever with your wacky elite skill 150 levelling curve).
The new strategy is we're taking individual skills project by project in 10 level increments to 110, then in future years another 10 levels to 120, to ensure players get frequent skilling updates in relatively short development cycles, rather than 6 month+ reworks or anaemic unlocks in some level bands.
That does mean we have a minimum 110 content deliverable that must be met in a reasonably short timeframe, so we have to be very brutal what quality of life improvements we include and consider them stretch goals.
We were able to squeeze almost all our nice-to-haves into this update by virtue of the recently reworked state of Mining & Smithing.
I suspect some subsequent skills will be trickier to extend, and consume more of our development time to achieve the core deliverable 110 content.