Dh had a really shit childhood.
It was, however, swamped in material objects. Christmas was really OTT, and loads and loads of presents were bought.
We don't do presents at Christmas at all. We are reasonably well off and my dc have everything they need and more, but we never indulge in what dh calls 'an orgy of consumption'.
Frankly, it makes our Christmas period rather lovely. Rather than it all being a frantic buildup (and inevitable slight letdown, because after all stuff is just stuff, and when you have too much of it you don't really value it and it certainly doesn't make you truly happy) we have a mellow, child focussed period of large roaring fires, wood gathering, baking all together, decorating the tree and the house, star watching and welcoming the new year.
I love it, though it would never have occurred to me to do it.
So I guess, yes, people do overcompensate slightly for things they disliked from their childhood.