You will be fine with the 3080 Ti, that is what I have with an I9-11900. I only have a 1440 60hz monitor and am fine with that setup. The I7-9700k may struggle a bit at 4K 120Hz and Ultra settings, but the card will certainly keep up.
And you can tone down your setting a bit. My monitor is also only 32 inches, so 1440 on that size monitor in fine. You certainly will have no problems at 1080p.
I will skip the 4000 series and keep my 3080 Ti and will most likely wait for the 5000 and by then I plan to have at least a 42 inch 4K 120 Hz monitor where I can really use the more powerful card.
But with the monitors I have, not worth upgrading. I have a one 32 and two 27 inch monitors all 60Hz.