It should but we're also making a lot of assumptions. Remember bios updates not fitting on original am4 boards and we're also assuming the motherboard manufacturers will actual updating the bios (it's not in their financial interest to do so)....
I'd still wait though as others have said but I wouldn't necessarily say jumping onto a first gen release is a good idea.
As to the OP spec wise... I basically did what they're planning a couple of months back albeit twice the ram and no gpu (waiting on 4 series).... I was going to wait but I wanted a 'stable' platform and figured I'd jump on at second gen, or switch to intel if needed in a year or two.
In my case I went 5950x, MSI Mortar b550 matx Wifi, it has 2nvme, 1 gen4, 1 gen3 - I've got 2x 2tb firecuda 530 in them, honestly outside of benchmarks I can't tell the difference and even in benchmarks the only difference is in the sequential (it's half on the gen 3), the other ones are pretty much the same.
I didn't see a need for a 570 and I prefer matx for when I repurpose a rig. It has the 6 sata ports (in my case they're ssd's) but they work fine lol
Can I build my setup for £2000 (adjusted accordingly), in all honesty no, I've got £300 in just the fans in my o11....could I build a rig for under 2000, probably but it wouldn't be by much imo.
