Yes, more than enough.
~65W (Ryzen 1200 OC'd) + ~150W (GTX 970) = ~215W (Full Loaded CPU + GPU)
Add: other components such as HDD/SSD/RAM/MB/Fans, etc. which are typically less than ~100W
Estimated power draw on peak load = Less than ~315W.
The S12II 520 provides 480W at +12V, so, even at peak load, you'd just be somewhere within the 60%-65% consumption of what the PSU can provide. That means better efficiency and more headroom for future upgrades.