Unfortunately you made the mistake of buying a 8GB 3070 in 2023 (blame Nvidia for their planning obsolete of not putting 16GB on a perfectly capable card like 3070), which won't be sufficient new games with Raytracing or on UE5 engine.
IMO the moment you bought the 3070 new, it is already like walked into a dead-end. If you gonna upgrade so soon after just having the 3070, you would definitely be losing out from financial standpoint.
The main issue with 3070 is running out of vram with stuttering and/or crashes on games with RT, so I guess if you have a backlog of older games it would make more sense to just focus on clearly them first, and wait for next gen before upgrading your graphic card again.
I agree with this, but due to circumstances it was somewhat more unavoidable for me.
I built a new PC end of 2020 after finally letting my Sandybridge i7 system go, but was still using a 1070.
Get to mid 2021 and I was really keen to upgrade the GPU as I was playing PUBG at a reasonable level and was keen to squeeze more FPS, being absolutely bang in the middle of the mining crisis a 3070 came up on a forum deal for (at the time) a cracking price and it was a no brainer.
To be fair it took about a year for prices to come down lower than what I got it so overall I can't complain, and I've had 2 years of good use from it.
BUT.......Had it been standard market conditions, it would not have been the card I would have gone for, I probably would have gone for a 6900xt which would still be sitting pretty today.
I'd say it's unlikely I'll upgrade this year now, if I were to it would be a 7900xt.
The point is though, had the 3070 shipped with even 12GB of VRAM this wouldn't even be a consideration.
The 1070 is still being used today in my son's PC over 5 years since purchase and is a cracking card IMO, I cannot say the same about the 3070.