[chore] Prepare release 0.118.0

[opentelemetrybot]

The following commands were run to prepare this release:

• make chlog-update VERSION=v0.118.0
• sed -i.bak s/0[.]117[.]0/0.118.0/g versions.yaml
• make multimod-prerelease
• make multimod-sync

[songy23]

side note: the merge freeze workflow is working fine for PRs that are up-to-date with mainline https://github.com/open-telemetry/opentelemetry-collector-contrib/actions/runs/12893441428/job/35950354844?pr=37384

However, for PRs that are approved but not up to date, they can still be merged. Guess this can be fixed once merge queue is enabled in this repo.

cc @jade-guiton-dd @mx-psi

[jade-guiton-dd]

@songy23 Yes, that's the expected behavior. AFAIK, the only way to have updated merge freeze status on PRs would be to go through every open PR and rerun the check, which is a bit complex to automate, so (at least for now) we've decided to rely on the merge queue for proper enforcement.

Thank you for checking by the way! (I had planned to do it myself with a draft PR but forgot that it would happen in the evening here.)