That’s not true. You must have mis-configured some part of the import statement.
I managed to load the whole of Europe (about 19.5 GB PBF, so 2/5th of planet at 45 GB) on a measly 4 core Virtualbox Ubuntu instance with just 20GB RAM assigned on a laptop, and the resulting database is nowhere near 6TB (can’t say exactly now, I am actually doing a re-import right now, but if I remember well it was in the range of 175-250 GB max).
I estimate you currently need some 64 GB of RAM to be safe with your planet import. Your 128 should in any case really be enough for a successful import.
Anyway, using the –flat-nodes option is also recommended if in any doubt about RAM limitations. It will alleviate issues in the first node processing stage of the import. Even if you have enough RAM to process all nodes in memory, with current SSD technology, the penalty of using a flat-nodes on-disk file versus processing all nodes in RAM should be limited (and yes, using HDD only, is strongly discouraged nowadays for an import. You can use an HDD to store other stuff or rendering output like tiles, but use an SSD for the import, it will make a huge difference in the required import time).
I also strongly recommend you to import with the –hstore option, this will retain any OpenStreetMap tag not already defined as physical database column in the style, in a PostgreSQL “hstore” type field, so you can access all tags at all times after import in your SQL by using a tags → YOUR_KEY_NAME type SQL statement.
A good resource about osm2pgsql is this one:
https://www.volkerschatz.com/net/osm/osm2pgsql-usage.html