But the poster says they want to put their bags into baggage storage. Therefore they will have to pick up their bags (make sure when you check in they are labelled to CDG, and not to Munich).
Whether you pick up your bags or not you will have to go through immigration first, as Paris will be where you enter the Schengen Area. Depending on how busy they are, this could take up to 60 minutes, say 30-45 on average.
Then you would normally head direct to the gate for Munich (assuming this is one booking and you already have your second boarding card), but in your case you need to pick up your bag, then exit through customs (which takes zero time) and find the baggage storage.
After baggage storage (how long will this take?), then back through security for the Munich flight. Is there a minimum time you must be at the gate for your second flight?
I would say this is too short, Finding baggage storage (where is it?) and handing your bag in is an unknown, which could take 30-60 minutes.
If this is not one booking, but two, then you would also have to check in for your second flight, and you have no guarantees if your first flight is late or re-timed.
P.S., how long are you putting them in storage for? I guess you must be coming back through CDG to pick them up.