good thing we have the 3700x
in isolation, yes, i agree. back then one could also get away with the 2500k/3570k which was a £150 cpu - so it's not too far different, "if you are just into gaming"
however the "top-end" (not accounting for HEDT components) used to be £250-300, xx80 GPU used to be £500-ish, at 2012 prices
contrast to now, where "top-end" is £480 for the cpu (9900k/3900x), GPU £1000-1200.
upgrading is a totally different kettle of fish, which i didn't look into due to the multitude of variations that can occur