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 .
AMD Radeon RX 6700 XT is graphic card manufactured by AMD and launched in Q1 2021 . It's using PCIe 4.0 x16 bus type. It has core clock of 2321 MHz and 12288 MB (12GB) of memory . It supports DirectX 12 and OpenGL 4.6 . This graphic card is used in Desktop devices and can consume up to 230 watts of power .
This configuration has 3.3% 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.