i7's are faster in many of the new AAA games. It's not that i5's aren't good enough, but i7's are better:
https://www.youtube.com/watch?v=EhaB1dqYv_I&feature=youtu.be
https://www.youtube.com/watch?v=1d0rsT0hauo
As far as DX12 goes. DX12 is not faster or at least very close to DX11 unless there is a CPU bottleneck. DX12 is in its infancy, so we really don't know what to expect from it when the dev's learn to how to unlock its secrets, but for now, Nvidia does just as well with DX11, and AMD seems to have chosen not to focus on DX11 anymore if DX12 is an option (DX12 should be used with AMD cards if possible).
This isn't exactly the same as DX9 to DX11 either. DX9 games typically didn't have all the same graphical settings. Currently, DX11 and DX12 have the same settings. DX11.3 can do pretty much any graphical effect that DX12 can, it just does it with the high level interface that previous versions of DX has.
DX12 should eventually be faster, but currently it's no faster for Nvidia, and AMD shows some improvements with it (benchmarks suggest it's more likely they just aren't optimizing for DX11 anymore).