Intel Core i7-11700 is processor manufactured by Intel and launched in Q1 2021 . It's using FCLGA1200 socket. It has 8 cores and 16 threads with clock of 2.5 GHz that can turbo clock itself to 4.4 GHz . This processor is used in Desktop devices and can consume up to 95 watts of power .
This configuration has 0.1% 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.