Is this considered a huge upgrade?

I have been using Asus TUF Gaming FX505DD for 5 years now (Jan 2020) with the specs below: -

• Ryzen 5 3550H

• GTX1050 3GB GDDR5 VRAM

• 8GB DDR4 (Upgraded to 12GB)

• 500GB SSD

• 15.6" FHD 1920x1080 IPS 120Hz

After surveying, I think the specs I could afford for a new PC build are as of below: -

💸 Max Budget: RM5,000 ≈ 1120 USD 💸

• CPU: Ryzen 5 7600x / Ryzen 7 5700X3D

• GPU: RTX 4070 (COLORFUL iGAME ULTRA)

• Mobo: MSI PRO B650M-A WIFI DDR5

• RAM: 16GBx2 ARGB (32GB)

• ROM: 1TB SSD (NV3)

• PSU: GIGABYTE P650G 650W 80PLUS GOLD

• AC: Thermalright Peerless Assassin 120 White ARGB Dual Tower

• Case: Armaggeddon Aquaron Wibo M-ATX Transparent View (7 fans)

Usual Workloads: -

  1. Usual Loads – Lightroom Classic and Photoshop (sometimes run simultaneously). Batch editing around 500 - 1000 pictures (sometimes more).

  2. Occasional Loads – Premiere Pro, Wondershare Filmora (and hopefully Davinci Resolve).

  3. Rare Loads – After Effects, Blender, Gaming.

  4. I've been wanting to try exploring Davinci Resolve, but it's not compatible with my laptop specs anymore.

  5. I'm also a software engineering student, with heavy codings. But, I think it doesn't matter that much as I only have one semester left with a Final Year Project. After start working, company usually provides a laptop for confidential purpose.

  6. I have been wanting an upgrade as I figured out the increasing workloads demand doesn't match the workloads the laptop could handle anymore.

So, is this considered a huge upgrade and a great combination? Will these specs fulfill all of my needs?

Thank you so much in advance for the helps!