New RTX 4070 Ti Super Underperforming Dramatically - What Am I Missing?

Just upgraded from an RTX 3070 to a new 4070 Ti Super, expecting a significant boost, but framerates in demanding titles are barely better, sometimes even worse. I've clean installed drivers with DDU, checked PCIe slot, and power connections multiple times. Could it be a CPU bottleneck (Ryzen 7 3700X) or something else entirely? Really hoping someone has tackled this before and can point me in the right direction.