Very general question - in the past my general route has been to build a fairly standard mid-range PC that can play most if not all games at mid-high settings. Personally, I can't tell too much difference between the various resolutions near the high end to care all that much so this hasn't really played a role in my decision making.

Usually this PC will last me about 4-5 years. I am wondering if I should have been upgrading in between or is it generally okay to just build a new pc every 4-5 years?

I am contemplating starting a new build and slowly accumulating components when they hit sales. My current pc is below:
CPU - Intel(R) Core(TM) i7-7700K CPU @ 4.20GHz 4.20 GHz
RAM - Corsair Vengeance LPX DDR4 16GB
GPU - NVIDIA GeForce GTX 1070
MOBO - ROG Strix Z270E
COOLER - Corsair H115i
PSU - EVGA 750 G2
STORAGE - 500GB Samsung 970 SSD NVME M.2 500GB Samsung SSD
MONITOR - x2 AOC G2 Series 24G2 24