I'm also on the 3700x. Would like some clarity on whether or not OP's problem really is due simply to the CPU being old. Mine serves me fine still although I don't think I've played any UE5 games to be fair.
I saw noticeable bottlenecking in some games with a 3060ti and a 3700X, that problem became substantially worse when I upgraded to a 4070.
I switched my CPU for a 5800X3D and saw a night and day difference, even in games that didn't appear to max out my CPU usage, especially in terms of minimum framerates. The 3700X was an excellent CPU back when it came out in terms of value, but people seem to forget that it was also 10-20% slower than its main competition at the time, aka the now 6 year old Intel 9900K.
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