What are your current system specs?
Whether you should upgrade or not will come down to your financial position. As far as keeping everything updated due to age its really not much of a concern anymore im still using the same 800 watt 80 plus platinum PSU I installed 10yrs ago.
The only part I would worry about dying due to age is a SSD or HDD and you shouldn’t worry about that because you make regular off site backups of all the important things right?( Backblaze B2 is $5/TB/month if you have more than 1TB of IMPORTANT things you might want to scale down what you consider important )
For the average consumer only gaming pushes the limits and thats more of a GPU problem than a CPU problem. In my opinion gaming at over 1440p is left for people that don’t understand what resolution is. ( i personally sit 2.5’ away from my 27" 1440p monitor which makes it retina, for anyone with 20/20 vision 4k would be a waste of resources at this size and distance )
CPU wise anything Mid-high end from the last 8yrs and GPU anything Mid-High end from the last 4yrs will get you 120+ FPS in anything assuming you are ok with medium settings for some of the more demanding things(keep in mind medium is often only 5-10% subjectively worse looking than ultra )
So to give real world specs the above theorhetical system would have a Intel i5-6600, 8gb ram, and a GeForce RTX 2060. Even one of the most demanding new releases such as Spiderman Re-Mastered on Medium settings with a few things tweaked towards High would get 120fps at 1080p and 100fps at 1440p.
This is a complicated topic so sorry for the wordy response…
I used to subscribe to the build the best and update every 2years way of thinking however computers have out paced the need for that level of upgrading.
My System is now going on 5yrs old and earlier this year I thought about replacing it, after looking into my options I decided to stick with it a few more years as not enough has changed.
The main issue is while systems do indeed get faster and faster they accomplish this via more cores. In a lot of cases the newer processors are slower on a per core basis. Which for most consumer desktop focused tasks actually makes them slower than the older stuff because the main issue is programming for Multi threaded processing is hard. Fortunately the difficulty of that task is being dealt with behind the scenes and things are getting easier so we should see huge improvments in the future.
But today is not the future and the only things that I can think of off the top of my head that utilize all the cores on your computer efficiently is video and image rendering suites and syntehtic benchmarks. Everything else typically using 1-4 cores and not very efficiently.
So someone like a youtube streamer might want to have a processor with lots of cores so they can run 3 different video encoding processes and a demanding game and some sort of poorly optimizxd chat integration tool all at the same time.
For example I am running a i7-9700k, which passmark gives a per core speed of 2892. Now if I go with a equivalent modern processor like the i7-11700k its per core rating is 3425. Making it only 15% faster depsite being 5yrs newer.
So since it would cost $1200 or so just to upgrade the motherboard, CPU and ram to what I would want for specs I feel that 15% theorehetical gain is not worth it to me.
However, his year both AMD and Intel made a decent jump in performance, so I am thinking next year when DDR5 becomes more common place and prices settle a bit will be the time for my upgrade.
Don’t get me wrong though I do a few things to keep it up to date, I upgraded the GFX card last year to a 3080.