Honestly I ALMOST went 14th gen upgrade instead of going for my current system; because, as Rroff mentions, if you run latest BIOS, and if you want to be extra careful also cap the single core clocks down a little to ~5.6-5.8 and keep the voltages down, they really don't seem to have the degredation issues as bad as people would have you think; its the older BIOSes and the single core boosts pushing voltage out the wazoo that seems to do the damage over time; and as all rounders, they're great.
For me it'd have been a drop in upgrade from my 12400 (which was admittedly OC'd via BCLK to 5GHz all core so was a lot faster than stock).
What made me decide to go fresh, was that I wanted to put my old system into use as a backup system, which I wouldn't have been able to do as easily; and then on top of that the B660 Mortar Max which I had didn't have the long term number of M.2 slots I wanted, PCI-E Gen 5, and was limited to DDR4; and there are SOME titles where the additional bandwidth etc of DDR5 does make a difference; I felt I'd be compromising too much with the platform.
If the OP has a motherboard that'll take better RAM, and has the IO he wants, then it's not an issue, and if you see a good price on the chip, its worth going for.
By all accounts, Raptor Lake is better for gaming than Arrowlake, which suffers too much from essentially being more of a workstation platform, and also has all the same potential pitfalls as AMD in terms of chiplets; but Intel has less experience working with them.
I ALMOST bought a 14600K during the Intel Gamer Days sales recently too (as it'd come with Battlefield 6 in the price as well) but the deals here in the UK weren't as good as those in the US, so I left it. I would still consider it if I saw an appropriate deal in future; the 14600/700K would let the RAM in that system run at the full 3600MHz C16 it was rated for too (or maybe further if I got lucky), rather than having to run around 3300MHz for stability, due to the system agent voltages etc being locked on non-K chips.
If I saw a good deal oln a 14600K/14700K, I'd still be open to it though, albeit I think my Deepcool AK500 cooler in that system would become the biggest bottleneck haha