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 during the next 5 years for the majority of new games. It also has enough VRAM (8GB), that makes it more future proof than graphics cards with lower VRAM amount (like the GTX1060). Good luck.
I played on a net cafe who had just recently upgraded their units, it used to run a GTX 750 and it isn't so bad nor good either, I'd say games ran around 40-50 fps but it's a budget card and came out in 2013. By the end of 5 years, GTX 1070 is probably still going to be great. Sure, you may not be probably be able to play it on Ultra 60fps 1080 but it's strong.