Like most PC question the answer is it depends... if not overclocking, then the 7700k has the higher base clock, ... but if you weren't overclocking, you wouldn't have a "k" series processor.
If you use the PC for anything else besides gaming, such as video editing, the extra cores will help big time.
If you are interested in obtaining the highest OC for gaming possible, the you are likely to buy a 7700k and turn off HT essentially turning the i7 into an i5 but the i7s generally are a bit above in OC potential hence the mindset.
As you can see here however, the i5 kicks tail smothering the i7 in all the average FPS tests in RoTR-1-Prophets, RoTR-2-Prophets, RoTR-3-Prophets. before ya wonder about why I chose 1080p, thats because when testing CPU performance, testers always use the lowest resolution to eliminate GFX card bottlenecking from affecting results. The real hardcore testers in fact use 720p.
(1080p) GTX 1080: Civilization 6 = 49.4 fps for i5 /
53.23 for i7
(1080p) GTX 1080: Ashes Escalation = 57.74 fps for i5 /
69.4 for i7
(1080p) GTX 1080: Shadow of Mordor =
146.64 fps for i5 / 146.57 for i7
(1080p) GTX 1080: RoTR-1-Valley =
141.33 fps for i5 / 103.24 for i7
(1080p) GTX 1080: RoTR-2-Valley =
112.71 fps for i5 / 99.35 for i7
(1080p) GTX 1080: RoTR-3-Mountain =
145.21 fps for i5 / 126.38 for i7
(1080p) GTX 1080: Rocket League =
184.87 fps for i5 / 175.35 for i7
(1080p) GTX 1080: Grand Theft Auto V, Average Frame Rate =
88.59 fps for i5 / 87.50 for i7
So it's 2 wins for the i7 and 6 for the i5 ... and that's with the i7's higher base multiplier. As far as 120/144/165 Hz, we have never seen seen any impact on performance either way. Even on GPU, the impact is small when switching back and forth between 60 and 144 hz and 120 hz w/ ULMB.
The Ryzen 1600 performs great in many tasks but gaming is not one of them. This has been clearly and consistently demonstrated across the board. Yes it wins in some, primarily strategy based games, but it loses 3 to 6 times more than it wins.
https://www.techpowerup.com/reviews/AMD/Ryzen_5_1600/21.html
Cons: Gaming frame rates lower than competing Intel chips
Higher power draw than Intel CPUs
Memory frequency options and memory compatibility limited
Setup complicated (memory, HPET, CCX, SMT, and power profile)
Boost frequency significantly lower than on Ryzen 5 1600X
Requires optimized apps of which there are not many
Lacks integrated graphics
In addition, unlike the Kaby Lake CPus, overclocking headroom is very small
The 7600k is 15% faster than Ryzen on average in TPUs 15 game test suite
Game - Ryzon fps - 7600k fps (@ 1440P)
BF1 173.80
222.10
Civilization VI
79.50 57.30
DeusEx Mankind Divided 96.60
123.60
Dishonored 2 86.90
97.50
Doom 195.40
197.60
Fallout 4 62.30
82.50
Far Cry Primal 95.80 128.00
Hitman 79.90
95.70
Resident Evil 7 269.30
273.20
RotR 122.70
204.00
Sniper Elite 4 151.30
182.60
Styx: Shards of Darkness 210.30
233.60
Total War: Warhammer 68.10
87.80
Watch Dogs 2
101.70 86.70
Witcher 3 129.00
139.30
Total 1922.60
2211.50
So it's 2 wins for the Ryzen and 13 for the i5 7600k
On the CPU Bench over at Anadtech, it worked out to a 21% advantage for the 7600k over Ryzen 1600
The argument about having more threads being better for gaming is specious at best... especially when ya consider how AMD improves performance on Threadripper ... they turn off cores.
http://www.anandtech.com/show/11726/retesting-amd-ryzen-threadrippers-game-mode-halving-cores-for-more-performance
Retesting AMD Ryzen Threadripper’s Game Mode: Halving Cores for More Performance