Yes, but in my experience its a spectrum. From 'always save' to 'always spend.'

One of the more interesting times of my life so far was during the dot com bubble because I got to see a lot of people suddenly feel like they had more money than they ever imagined they would. I observed that the response was always uniquely personal. From a friend who bought 737 jet, only to file bankruptcy a year later, to folks who converted things to bonds and other assets and otherwise didn't change all that much, to people who lived a life of inconvenience only to have their family inherit a huge chunk of wealth when they died.

I suspect that it would be difficult, if not impossible, to predict how someone would actually respond.