I have an i7 7700k Cpu and a PCI Express 4 graphics card installed (RX 6700 XT) and it works perfectly, but the PC will be upgraded in 2023 (mainboard, CPU...), your system also seems to have a 7700 Cpu installed. But with 500 watts, it won't work with a new graphics card and it's not worth it with this PC.
You need a new PC or new components. Power supply, motherboard, CPU+cooler, RAM, SSD, graphics card. But I would also change the case, which looks very narrow and small inside for current graphics cards, even if you want to install an AIO fan, it's too small.

This is a GPU, not a CPU :)
If your power supply has 2 PCIe connectors (+supplies enough power) and enough space in the case (length 26.70 cm) there should be no problems.
Just keep in mind that Intel has not been on the GPU market for long and the drivers are not yet optimised for all applications.