Upgrade or buy a new one

TIA for any help: My son is experiencing performance issues (lag, lower graphics settings, running many tabs at once). He uses his PC for just gaming. I am writing this because I will be funding whatever happens. I got this for him when he was 16. I am weighing whether upgrading is viable and cost-effective vs. saving up to buy a new one in a year, when he leaves for college. This is what he has right now: CyberPowerPC - Gamer Supreme Gaming Desktop - Intel Core i7-13700KF - 16GB Memory - NVIDIA GeForce RTX 4060 Ti 8GB - 2TB SSD - Black