I'm not very familiar with IR35 as I've always been very multi-client focused but does this now mean a "contractor" earning >100k will be paying 40% income tax

I'm not very familiar with IR35 as I've always been very multi-client focused but does this now mean a "contractor" earning >100k will be paying 40% income tax + 20% loss of personal allowance + 2% class 1 NIC and 13.8% employer NICs marginally in the 120-124k range? That's like 75% tax. (I know people in that position would be dumping 40k into their pensions, etc. I'm just speaking hypothetically or for those earning, say, 180k-200k somehow.)