Yes. VRM need to be very good. Or you get only trouble with 9900k as high Mhz overclocking. VRM is better to be a good or temps are getting too high and then start throttling.
@malccy your Asus Prime Z370-P VRM is around entry level cast motherboard. Not good at high overclocking. To be honest at start it's not a overclocking mobo.
My Asus Maximux X Apex z370 is top tear cast with a heavy VRM at Z370 motherboards. It can go much more further than your motherboard at overclocking. Actually there is not much better mobo at Z370 than this one. Only Asus Maximus X Extreme Z370 is same cast.
What I'm going to say. Overclocking mobo has way better VMR than standard low tier mobo. But also price is much more higher what you need to spent on it.
To be honest. You don't have to or needed to upgrade your 8700 to 9900k. Only waste of money when gaming. If you look test at 1440p you can see that there is so low fps gain for 9700k and 9900k over 8700 so not worth to upgrade. Like
@Joxeon said upgrade next gen. Intel if need more out of a CPU.
I give earlier example of your 4.3Ghz and my 4.7Ghz difference only because I want you to see. That CPU 400Mhz higher clock do not give so much advantage to fps. RTX 2080 TI GPU is giving you more than I can achieve mine, even if I pull 5Ghz on my CPU with RTX 2080.