Yes. That upgrade should be about a 2 or 3 tier upgrade. However, I think the 5700 is only about 300, so you might look into that or a 2060.
Put it this way, I upgraded from an rx 580, which is equal to a gtx 1060. I upgraded to a 1660 super which is equal to a 1070. The 5600xt is faster than that. So it may be more comparable to a 1070ti or 1080.