Hi:
Yes, you can replace the 128 GB M.2 SSD with one having a larger storage capacity.
I can't find what type of M.2 SSD your PC comes with (SATA or NVMe), so get the model of the drive off the description in the device manager, google it, and buy one of the same type.
Below is the link to the service manual, which may help you open up the PC and locate the M.2 SSD.
Upgrading and Servicing Guide (EMEA with shipping label) (hp.com)