Looking to fix bottleneck

A few months ago I had some extra money and upgraded my GPU, sadly I didn't realize it at the time but it caused bottleneck in my pc My current pc has i5 9600k- amd Radeon RX7600 VRAM of 8gb- 16gb RAM.

I'm looking to upgrade my CPU and/or motherboard to fix the bottleneck and because my pc it's starting to show age (I bought it in 2017/2018)

A friend of mine suggested to upgrade to a Ryzen 7 5800x and their respective MB.

How good are the suggested upgrades? Would they also last a good amount of time after the upgrade?

For further info I am from south America, I would like to have constant 120fps or higher and so far I have a budget of 560usd (my currency to USD). I don't tend to use the top graphic settings, use a res of 1920x1080 and the games I play regularly are the recent resident evils, marvel rivals, other comp games, and VR-chat (the 120fps is not needed for this)

Appreciate anyone willing to help and reading.