I bought fabric just about every time I found a great sale, and I'm glad I did. Prices have soared! Yes, I am overwhelmed, but I am still glad I have that fabric. I tend to do the same with patterns - buying or finding free ones, and now I am overwhelmed with too many.
I've started cutting fabric into kits, and keep it with the pattern and backing, if I have it. I like having something ready to sew at all times. It seems to help with motivation to use up what I have.
I've also limited my time looking at patterns, and I've stopped buying fabric for now.
I hope you take a break, if you need one, but keep going when the mood hits. I know folks who thought they lost interest in a hobby, gave away or sold all their materials, only to regret it later.