AMD Ryzen Threadripper 3970X is processor manufactured by AMD and launched in Q4 2019 . It's using sTRX4 socket. It has 32 cores and 64 threads with clock of 3.7 GHz that can turbo clock itself to 4.5 GHz . This processor is used in Desktop devices and can consume up to 280 watts of power .
NVIDIA GeForce RTX 3070 is graphic card manufactured by NVIDIA and launched in Q4 2020 . It's using PCIe 4.0 x16 bus type. It has core clock of 1500 MHz and 8192 MB (8GB) of memory . It supports DirectX 12 and OpenGL 4.6 . This graphic card is used in Desktop devices and can consume up to 220 watts of power .
This configuration has 2.4% of graphic card bottleneck . Everything less than 5% should not be concerned major bottleneck.
Graphic card bottleneck is better, than processor bottleneck, because utilization of your graphic card will be on maximum and you will experience maximal performances that your graphic card offers. Also your processor can handle some other programs in background because it won't be maximally utilized.
You can resolve this by upgrading your graphic card or by downgrading your processor. Downgrading your processor doesn't make much sense and in that case is better to leave current processor in you computer, because you can run more background task that won't interupt your gaming experience.