Is Upgrading My CPU and GPU a Good Move for My PC?

I've been noticing my PC is getting a bit sluggish with the latest games, so I'm considering upgrading a couple of components. Right now, I'm using a Gigabyte B660 DS3H motherboard with an Intel i5 12400F CPU and 16GB of RAM. My GPU is an NVIDIA GeForce RTX 3060 with 12GB of GDDR6. I'm thinking about switching to a newer generation CPU, like the Intel i5 14600k, which I've heard is compatible with my motherboard and doesn't cost a fortune. Since I've never replaced PC components before, I'm wondering if this upgrade is really as simple as it sounds, or if I need to consider other factors too.