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Sufficient: yes. Will it be enough? Of course not!
Will you play in desktop or VR mode? That's a big difference. For desktop this is enough. For VR it is okay, not bad but not good as well.
I'd say you'll get some good performance in VaM with the system, depending on your settings and the scene. 32GB Ram would be better, yes. And I'd recommend that as well especially looking at the price/performance ratio for 16GB more.
I own a 12700K with a 3080ti, and it's sufficient in VR. But depending on what I add in a scene it's pretty easy to get some fps near 30 and less. VaM will eat any system for breakfast.