A processor with good single thread performance is what you want for gaming.
Your I5-2700K has 8 processing threads and a passmark rating of 5636.
That is when all threads are 100% utilized. Not very common ooccurance for games.
The single thread performance rating is 1795.
As a test, run the cpu-Z bench on your 2700K,
You should see a single thread performance number of about 393. :
A I7-4790K upgrade would get you about 456.
An improvement, but not really all that great.
To do better, a current gen processor and motherboard will be needed.
There is a continuous spectrum of capabilities of processors.
The price/performance between Intel and AMD is comparable.
Since you now have Intel, I would stick with that.
There is a learning curve with amd.
You will need a new mobo and new ram, any way you look at it.
As little as a $125 I3-12100 would give you double the single thread performance.
Do not chase DDR5; DDR4 performance is comparable and DDR4 parts are cheaper.
Overclocking is no longer a way to get something for nothing.
Parts are binned and there is little headroom for overclocking.
Today, motherboards and processors automatically use the turbo mechanism to get the max performance for games.