Question Should I buy a new CPU or new GPU for faster video rendering/encoding?

[Mngereso]

I'm currently creating videos in After effects and with my current system (i7 4770, 32GB 2100Mhz ram, GTX 1080) I'm rendering them out using Adobe Media encoder using H.264 and it's taking 1hr -1hr 30 min for a 16 min video.
My Question is, what should I upgrade to reduce the time it takes to render out a video?
A new CPU (Looking at 3700X) or new GPU? (Looking at RTX 3070 or 3080)

 

[Nemesia]

If you want a beast of a CPU for AE since the CPU is more important than the GPU for that software I would recommend a new Ryzen 5000 series coming out soon.

For the budget of a RTX 3080 you will be able to buy a Ryzen 5000 series + Motherboard + 32GB of DDR4 RAM.