My upgrade Limitations
CPU wise, for current games, most likely will be fine, higher resolution taxes the GPU more than the CPU, for future games however, I'm not so sure. Looking at latest PC release, the Spider-man Remastered, my i5-12400 could reach up to 90% utilization at times (1440p very high preset with RT on high settings).
If game devs utilize the same coding as the Spider-man Remastered, CPUs will likely to play a bigger role in gaming, helping the GPU with RT. Some people with 5900x and 12900k even see 50-60% utilization, which is the most anyone has seen on gaming.
PSU, 650w only up to RTX 3070 (depending on the AIB model).
With the current state of DDR5, it's not worth it to invest on DDR5, very little performance gain according LTT's video.
DDR5 boards cost a lot more than DDR4 boards, which is not good bang for buck.
If you could wait 3-6 more months, I'd suggest to wait for the next gen everything to drop, Ryzen 7000 is around the corner, RTX 4000 series within this year (maybe), RX 7000 series also a maybe.
If you can't wait however, given your current build, I'd go with something like this.
i7-12700KF, Z690 board, RTX 3080 12GB/RX 6900 XT, a high quality 850W PSU.

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