While they specified the wattage of the PSU, they didn't specify the brand of the PSU, and they're not all the same. While the Ryzen 5000 CPU's are good, and don't draw too much power, the 3000 series Nvidia GPU's will pull a pretty hefty amount. Your full wattage pull could be in the neighborhood of 350-450 watts at full tilt, and that would be within 100 watts of the max 12v load (540watts as spec'd by the manufacturer page). Without knowing the brand of PSU, I wouldn't trust it until that's clarified.
Besides, ideal full tilt draw should be 50ish percent of your max PSU capabilities to hit the highest efficiency point, so a 350-400 watt draw would suggest a 700-800 watt 'quality' supply (I really like the Corsair RM750x). That would give you more than enough headroom for any spikes - and there have been some very high spikes on the 3000 RTX cards which could trigger the OCP if you don't have enough capacity.
As for the 5000 series CPUs, ASrock has been pretty good about getting the AGESA updates to enable the newer Zen processors. However, that's not always a guarantee. While it's nice to upgrade to the latest and greatest, unless you're really needing the extra CPU grunt, the Ryzen 2700 isn't really lacking in power. Yes, the 5700 is going to have a good boost in IPC, but it's always been pretty true that the GPU is a bigger boost in gains. That being said, you need to know your exact model for the board (download and install CPU-z and it'll tell you your exact mainboard model and revision, or take it apart and find the model number), then look on the ASRock website for a BIOS update with AGESA 1.1.0.0 or higher.
So - short version, you'll need to update the PSU, and make sure your motherboard has a BIOS with AGESA 1.1.0.0 or later.