CPU and Motherboard advice

Hi guys,
I'm trying to find some definitive information regarding upgrading my motherboard and CPU. This is what i have currently -Intel Xeon E5-1650 v4 CPU and Hewlett-Packard 212B (CPU0) motherboard. As i state below i want to keep my case, PCU, memory and GPU.

Why Are You Upgrading: I'm unable to update to windows 11 currently and i also feel my CPU is a bottleneck for my graphics card.

Budget: Around $6 to $700 New Zealand dollars

Approximate Purchase Date: Will be looking to purchase parts within the next month.

Use Case: I mainly use my PC for gaming but watch a lot of YouTube and like also. I mainly like to play sim racers.

Parts to Upgrade: I am wanting to upgrade my motherboard and CPU. I will be keeping my 32 gig of DDR4 memory, 750 watt PSU and GTX 1080Ti and case.

Are you buying a monitor: No already have a new monitor.

Your Monitor Resolution and desired frame rate: N/A

Preferred Website(s) for Parts? Probably Amazon or Ebay.
Parts Preferences: I've always used Intel products so would like to stay with what i know.
Overclocking: No, i don't have the knowledge base for this so wont be fiddling.

Thank you for any advice you can offer.
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Thanks for the reply Why_Me. Quick question for you. If i was to throw a bit more money at the CPU what would you recommend as the next couple of levels up from the i5?
PCPartPicker Part List

CPU: *Intel Core i7-12700F 2.1 GHz 12-Core Processor ($472.27 @ Paradigm PCs)
CPU Cooler: *Thermalright Phantom Spirit 120 SE 66.17 CFM CPU Cooler ($94.05 @ ExtremePC)
Motherboard: *MSI MAG B760 TOMAHAWK WIFI DDR4 ATX LGA1700 Motherboard ($349.00 @ Computer Lounge)
Total: $915.32
Prices include shipping, taxes, and discounts when available
*Lowest price parts chosen from parametric criteria
Generated by PCPartPicker 2024-03-12 20:43 NZDT+1300
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