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Hi everyone, thanks for the advice. People are largely telling me to go for the 14700k, i feel it's overkill for my uses, though.
I've decided to go with the i5 chip due to a few of the answers here; for context, I've been a student for the past 5 years (hence the no-upgrade for 7 years) and so a long upgrade path to me seems normal (which i understand is not the norm).
Now i have a decent job out of my masters; I'll probably be able to afford upgrades on a more frequent basis (not 5+ years lol). My current budget suits the i5 and 4070 combo best. Believe me, if i had an extra £300 kicking around, i would totally have gone with the 14700k and 4070ti.
Maybe next time, folks, i will get the better upgrade. Appreicate all the comments on this (even the ones telling me not to be stingelord, which made me chuckle). Maybe not have convinced me to upgrade this time, but i will certainly be reviewing my build after a couple of years now.
Best, Sam