It's very unlikely that the sensor is broken. Typically a broken sensor will report wildly fluctuating temperatures or a steady maximum or minimum range temperature (all 0's or all 1's) or increasingly simply no temperature reported at all accompanied by the bios reporting the failure.
In your situation, the temperature you are seeing is actually very common. You will see thousands of results if you search for 'm6-n113dx overheating' or 'FX 7500 overheating'. Here's a forum post for a similar HP model that hit 130 deg C.
The HP Envy line is infamous for running extremely hot, and if you were to search around you would find that 108 is not the highest seen. I couldn't find what the thermal shutdown temperature is for this model, but if you were to have that happen it would result in the BIOS reporting a 'system temperature 90D error'.
Here are some suggestions on addressing this, very loosely ordered on a difficulty vs. benefit scale:
Follow the instructions provided by HP to thoroughly clean out any dust that has accumulated in the laptop
Update the BIOS; latest rev F.23 Rev.A was released in August 2016. Direct Link.
Check the temperature and fan RPMS with a third party utility like coretemp or speedinfo The CPU fan should be spinning at it's max RPM (roughly 1500) when the temperature is this high; confirm that it is. If it isn't, or the RPMs are jumping all over the place and/or the fan makes a loud humming or rattling sound, then consider replacing the CPU fan. It's cheap, and will provide you an opportunity to completely clean out the area near the CPU of dust.
Enter your bios setup and ensure that Cool & Quiet and APM (application power management) options are enabled.
Update chipset drivers
Here is an article with some additional ideas