What performance are you gaining for that £200? I mean for your use case btw, not just the normal generic 'games' answer. It seems that moving from an 8c/16t chip to an 8c/16t chip there'd need to be some serious platform benefits in order to justify that £200, since you could buy 16GB more RAM and another 1TB SSD for that and have change left over.
I hear you.
My case is a bit unique. I didn't choose to upgrade, I was perfectly happy with my 9900K on a Z390 platform. I do game, but I also run VM's (My PC already has 64GB RAM and multiple SSD's including m.2 one) - I changed case as I often do, and decided to go custom water cooling. Long story short is that I accidently spilt coolant on my Z390 motherboard, resulting in very odd behaviour and BSOD. I ended up buying a new Z390 motherboard from the MM on here, and planned to re-home my 9900K.
The new motherboard arrived from the MM and instead of it being a Gigabyte Z390 Master, it turns out it was a Gigabyte Z490 Master. After speaking to the seller, I decided to keep it at no extra cost (£185 delivered for a £350 motherboard!) and decided to sell the 9900K on eBay as it wouldn't fit in the Z490.
This was in Jan of this year, I knew 11th Gen was on the horizon and was interested in stepping up to PCIE4 for m.2 (The Z490 Master has PCIE4.0 gen support) so I spent £75 on a 10th Gen i3 CPU just to get me up and running and verify the Z490 board was OK (It was new, sealed but wanted to confirm) - The i3 was purchased for £75 on my company credit card (Expenses) so essentially cost me nothing.
What really surprised me was how good the i3 is, its essentially my old 7700K in all but name, and is surprising good at everything, even gaming. It does lack a little in VM work though, as you can expect.
So having considered 10th gen, and being tempted by the 10850, I realised that 8/16 was enough, and I'd rather choose PCIE4 for a bit more future proofing. Comparing specs, there's no way I'd spend more on the i9 11900K as it's not different enough in my mind to the 11700K, so that's what I'm going to opt for. I may actually go for the non K, so the 11700 as I wont overclock on this anyway and gives me a bit more thermal head room.