If your just gaming without care to maxing everything out, both chipsets are perfectly fine. People recommend 3D CPUs for more fps in games, but you need to pair it with an enthusiast grade GPU if you really want max fps. It’s all silly and realistically unnecessary, you can game with any i5 or R5 CPU and equally budget GPUs.
Only issue here jumping into top tier 14th gen is the heat. I know a ton of reviews recommend nothing less then a 360 AIO. We are at peak chipset with this 14th gen, I really hope 15th is a die shink, because the heat is really getting out of control. You coming from a 11th gen, it’s not that dramatic, keeping it cool, but if you dare touch 14th gen CPU voltage, expect high heat and regulated with a premium cooler.
You have a massive leap to jump into. If you want to maintain the i7 tier, I highly recommend 13700 or newer. You will find great deals out now, especially if you have a Microcenter near by. Keep the 1070 for now, you will get a very nice fps boost with the CPU upgrade. Then later decide if you truly need a new GPU or not.