It will be an improvement. Its able to run most if not all current games, but I'm afraid I dont have a crystal ball to tell whether it will run everything released in the next few years.
Depending on the price of the 7700K and if you have DDR4 RAM already you could re-use, it might be better to pick up a new motherboard and CPU like these.
PCPartPicker Part List
CPU: Intel Core i3-12100F 3.3 GHz Quad-Core Processor
($101.99 @ Newegg)
Motherboard: Asus PRIME B660M-A D4 Micro ATX LGA1700 Motherboard
($109.99 @ Newegg)
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2023-02-27 02:59 EST-0500
I had a quick look on Ebay and some 7700Ks are going for almost the same cost as this. This would be a better value, assuming you already have DDR4 RAM. Quite a bit faster and more upgradeable in the future.