Intel Xeon E5-2696 v3 is processor manufactured by Intel and launched in Q2 2015 . It's using LGA2011-v3 socket. It has 18 cores and 36 threads with clock of 2.3 GHz that can turbo clock itself to 3.6 GHz . This processor is used in Server devices and can consume up to 145 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 26.9% of processor bottleneck .
When playing games your graphic card won't perform on maximum possible performances (won't be utilized to the maximum), because you processor won't process and deliver data fast enough. This theoretically means that utilization of you processor will be on maximum and the potencial of graphic card will not be completely used.
Processor bottleneck is worse, than graphic card bottleneck, because utilization of your processor will be on maximum and it will throttle other programs that are ran in background. Also you won't experience maximal performances that your graphic card offers.
You can resolve this by upgrading your processor or by downgrading your graphic card. Downgrading your graphic card doesn't make much sense and in that case is better to leave current graphic card in you computer.