What's the most efficient thing for me to upgrade

I have a pc i built a couple of years ago (maybe like 6?)

I have a 12600kf on a small single fan cooler, 16gb dd4 3200 ram, 16gb ddr4 of random ram I pulled from another system because I was running out of ram running modded minecraft, corsair rm850e power supply and a 3070 on a matx motherboard in a small form factor case.

Im currently playing arc raiders on a 4k monitor and want to upgrade my graphic settings and or atleast hit 120fps "im sitting around 100 atm". My cpu doesn't hit above 50% utilization but my gpu is maxed. What would be the best upgrade path for me. Simply a better graphics card? Or maybe a amd 7800x3d and 32gb of faster ddr5 ram? That would help me get the most from my card but would it be better than just getting a new gpu as my current cpu isn't maxed? It would also be more work swapping the components, this case was kinda a bitch to work in. I also suppose it would matter tye deal I could find. For comparison I was looking at the amd bundle at micro center for around 600 so that would be my budget. They also have a 9850x3d combo for another hundred. But taking in acount my cpu cooler im not sure.