You get this inkling feeling that the next set of really good looking games is just coming around the corner. But having said that, I think like consoles, it may be best to wait until they are actually out before I buy the hardware for them.
Right now my setup is enough to follow in step with the current console generation without any real hassle.
3900x/3070 was already more than enough, much more capable than base consoles. Even than the 5Pro, 3900x has more cpu grunt and the 3070 is about a match to the Pro's gpu in raster. Most likely faster ray tracing and better upscaling too. 8gb vram might be too little, perhaps.
But a 5700X3D is a very nice upgrade. Sell the 3070 and use the saved money on what otherwise would be a 9800x3d and invest in a 5080 when that comes out and your system probably matches the next gen of consoles.