Upgrades for existing system

Hello,

I currently have A 12th gen intel(r) core(tm) i5-12400f 2.50 ghz processor and 32 gb of ram. Looking to upgrade my gpu and psu.

I am eyeing this for the gpu

GIGABYTE GeForce RTX 4070 Super WINDFORCE OC 12G Graphics Card, 3X WINDFORCE Fans, 12GB 192-bit GDDR6X, GV-N407SWF3OC-12GD Video Card

and the CORSAIR RM850x Fully Modular ATX Power Supply - 80 PLUS Gold - Low-Noise Fan - Zero RPM - Black for the psu.

Do these seem like logical and cost effective upgrades?