For pure gaming, i5 4690k is already more than enough.
i7 4790k or better will not have big impact for most games.
Only very few games can really use more than 4 cores/threads.
We see however other activities like photo/video editing, now, if you do those not that intensively.
It could possible that going i7 4790k will not be worth it.
It is possible too, that if you do those really professionally, you must even go beyond i7 4790k.
The real question is here, will the investment you gonna put worth it considering your activities or not.
You can still do those editing stuffs on i5 4690k, just not as fast as on i7 4790k or beyond.
The speed on editing/rendering process is also depending on the size (resolution) of your pictures, how many pics you will put above each other, how long your edited video gonna be, etc. Up to some points, there is no difference between i5 and i7.
The speed is also depending on the software you are using, if the software can not utilize more cores, than going i7 is also useless.
Now, speed means waiting time, if you do the editing intensively, this means you will wait often but if do it occasionally, you will wait not often. This is also a consideration.
The 16GB RAM is also the same. For games, 8GB is enough, also enough for light photo/video editing.
For real heavy editing, you must even go beyond 32GB.
Like said, again, investment cost vs needs question.
We can not do the decision for you, just consider the investment cost and needs very good before buying.
[edit/added]
If you do not OC, E3-1231V3 could be a good choice too.
It is an i7 4790 (no-k) but without the iGPU, only 100MHz slower.
E3-1231V3 is only as cheap or as expensive as i5 4690k.