So what games have you overplayed? Have they lost all their value, or has it just diminished for you?
I have not gone back to many games of recent as I just move on to new ones. Mind you, at that point I have played the game for 40+ hours and totally donw with it. The games I do come back to are ones with far too much content to do before burnout hits - Hyrule Warriors being one example. Breath of the Wild being another. I have a few hundred hours into Breath of the Wild, done almost all the Shrines but none of the 4 Guardians and not entered Hyrule Castle. I am happy with that and one day I will get back into it and finish it. To me the exploring and the scenery was the #1 thing I enjoyed about the game and I am happy with my time in it.
Randomised games I have replayed the most. Think Civilization or Master of Orion 2 or similar. Games where each play through is different.
Different ways to do each run so it makes the game have far more appeal after the first run.
I am happy to speed run shorter games or replay them though. Longer games, not so much as I'd prefer a new experience.
The one exception is New game plus. I will do a NG+ run as that adds something new. Mostly it's very minor but enough to make me go back.
The other reason is NG+ is often a different experience as most of the content is already earned from the get go. My most recent NG+ runs were Persona 5 and Persona 5R. I do want to to do the Persina 4 NG+ run at some point as well. Probably Xenoblade Cbronicles 2 NG+ one day, as well, just to muck around at a high level.
I do not think overplaying a game deminishes it's value. The value in that case is past tense. You had fun with it for many hours. Had your money's worth. Time to move on to new games.
Games overstaying their welcome and are just padding filler to lengthen the game's content, now that overstays its welcome but that's a slightly different subject. Probably outside the scope of this topic.
So after the above long answer, I guess the short answer is no.