Intel Core i7-11700K is processor manufactured by Intel and launched in Q4 2020 . It's using FCLGA1200 socket. It has 8 cores and 16 threads with clock of 3.6 GHz that can turbo clock itself to 5 GHz . This processor is used in Desktop devices and can consume up to 125 watts of power .
NVIDIA GeForce RTX 3070 Ti is graphic card manufactured by NVIDIA and launched in Q2 2021 . It's using PCIe 4.0 x16 bus type. It has core clock of 1575 MHz and 8192 MB (8GB) of memory . It supports OpenGL 4.6 . This graphic card is used in Desktop devices and can consume up to 290 watts of power .
This configuration has 27.4% 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.