I think both the CPU and GPU are important, as well as the drives. The number of CPU cores that PS or LR can use is 8 from everything I've read. Beyond that PS can't really take advantage of more cores. But if you multitask, the system can take advantage of more cores for other system work or applications.
As for the GPU, the monitors you use will tax them as well as the programs being used. I got a Wacom 32" pen monitor and a BenQ 27" 4K side monitor, and my system got bogged down. My answer was to build a new PC.
I went with
2 M2 drives, 1TB each
4 SSD drives,8TB, 4TB x 3
16 core Ryzen
NVIDIA 3090
Some of this is overkill for PS and LR, but it runs smooth, saves fast, and video rendering is lightning fast.