I'm using the 4070 for transcoding. The CPU can handle a single transcode, barely, so I'm a bit more reliant on ensuring the GPU is up to the task of transcoding. Per the information out in the wild, the 4070 should be able to handle a fair bit.
The 4070 is also a stop gap till I can put in the Arc b580 that's tested for 12 non HDR streams and 3 HDR streams from 4k to 720p.