I think it will. Right now and at least for the next 2 years you should be able to use max/high settings. At worst you may end-up with medium settings in 4-5 years. Having said that your question can't be answered with absolute certainty. For example in 4 years a new game may come that needs a more modern GPU because it uses new graphics technology that the 1070 doesn't support, so in that case you may end up with low settings. Also you have to keep in mind that your question depends on the games you want to play. AAA games of course have higher requirements and always push new hardware to its limits, but most of the new games in the market don't do that.
So generally the GTX 1070 will probably support medium to high/very high settings...