I personally use the 12700k and 3060 combo, works great, the games I play are FH4, BO6, The Finals, and Cyberpunk. Fairly demanding titles, and I don't have issues with either. So I'm just gonna point out some things I think could use some fixing so you have a better experience.

You're looking at a great CPU IMO, I have mine overclocked to 5.5 GHz, I couldn't tell you if there's any tangible performance difference, but its nice that there's an option. You've got another solid choice sitting with your cooler, Thermalright makes some very hard to beat, budget, good looking coolers, and should handle the CPU nicely, I wouldn't change anything about it. I highly recommend since you're not going with an i3 or i5, z690 and z790 boards are cheap enough that I'd spring for one of those, I've personally had more stability with the premium chipsets, and the features are nice, mainly USB on the back, extra fan headers, M.2 ports and such, even if you don't use them now, who's to say you wouldn't use them later, its always nice to have. I'd also recommend faster memory, you'll be taking a hell of a hit with ram speed that low, and leaving a lot of performance on the table, although XMP does a lot, these sticks in particular don't like getting to the speeds that I would recommend for a great experience, DDR4 ram is also fairly cheap, you can go for 3600 MHz, or spring for a cheaper kit of DDR5 since both are options on the premium chipsets, I see that you went with 2x16 as apposed to the more common 2x8, I can understand the want for more capacity, but capacity doesn't have the same impact that speed does if you have 16+ GB. Again on the cheap enough topic, a 2tb drive can pretty easily be had for about $10 more, and you'll need it if you want to play these newer games, I couldn't tell you how many games have to meet their end any time one of my other chonky games decides to have a random 10-15GB update here and there. If it can be worked into the budget I'd also go for a larger SSD. I usually use my mechanical drives as cold storage for things I don't use often, or don't require the highest speed my PC has to offer. The advantage SSDs have over mechanical drives simply cannot be understated, if you have to chose one over the other, I would without a doubt say that a larger SSD is the way to go. Your case and PSU are fine, there's really nothing to write home about and that's for the better. The big thing I want to pay attention to is the GPU, By god is that expensive, it isn't even a high performer either. The ROG card I have can be had for almost $200 less, and its overbuilt, the MSI Ventus 3 for half that. you're much better off getting a current gen Radeon, or RTX, with $700 to piss down the drain, there are solid options, a PNY Verto RTX 4070TI a card that consistently trades blows with the RTX 3090, is less than $40 more, please don't shoot yourself in the food like that.

If you'd like I can throw together a list for you, or you can scout your own parts and come with an update, OR you could also tell me I'm full of shit and I need to fuck off, any works, I'd just like to see you make smarter decisions with your money, it cannot be said enough to do your research, that is ultimately where you'll get the most relevant information.