New GPU or Not?

i would consider motherboard/cpu/ram/good heatsink with Amd Gen3 , because you have PCI Express 4.0 16x video card.
for example any good X570 or B550 motherboard with 2x line Pci gen 4 ( check in comparison X570 motherboard / B550 motherboard )
for CPU try to get any 5950x and see for memory DDR4 3600

for your 8700K
smp: Brought up 1 node, 12 CPUs
[ 0.044308] smpboot: Max logical packages: 1
[ 0.044308] smpboot: Total of 12 processors activated (88704.00 BogoMIPS)

for 5950x
x86: Booting SMP configuration:
[ 0.600850] … node #0, CPUs: #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #11 #12 #13 #14 #15 #16
[ 0.632899] Spectre V2 : Update user space SMT mitigation: STIBP always-on
[ 0.632923] #17 #18 #19 #20 #21 #22 #23 #24 #25 #26 #27 #28 #29 #30 #31
[ 0.664880] smp: Brought up 1 node, 32 CPUs
[ 0.664884] smpboot: Max logical packages: 1
[ 0.664885] smpboot: Total of 32 processors activated (217626.36 BogoMIPS)

this possible to add V3 with ALHP