It is possible and even worth investigating if you have more thermal paste so you can clean up the old stuff and reseat the cooler. That said the i7 7700K is kind of known for bad temps do to poor TIM being used between the CPU die and heat-spreader. So bad in fact Intel themselves said the i7 7700K (their overclocking chip) should in fact not be overclocked because it can spike all the way to 90C+ during normal usage. This is also why many OCers De-lid their 7700Ks. Point being if re-applying thermal paste doesn't fix much, you know what the issue could well be
This isn't all users though so a re-apply may help you a lot. Some users are OCing just fine. It's a kind a chip by chip basis.