It appears there's CPU cores spiking to 100%. The CPU and GPU dips shouldn't affect anything. The GPU usage dips are most likely caused by the CPU stalling due to a CPU core hitting 100%.
The CPU feeds the GPU frames. If the CPU stalls and stops feeding the GPU frames then GPU usage will dip because it has nothing to do and is just standing around waiting for the CPU to feed it more frames. The correct terminology is pre-rendered frames.
Hopefully the CPU spikes are only being causes by CPU power saving features. I like to use ParkControl by Bitsum to control CPU power saving features.
I notice the 14700k has 8 hyper-threading performance-cores and 12 efficient-cores. Hopefully only the performance-cores are being used by Battlefield and none of the efficient-cores are hitting 100%. Check if this is the case or not. It's ok for efficient-cores to be used by background Windows apps, but not for gaming apps. Windows is supposed to automatically handle this, but I would double check.
There could be other issues causing CPU cores to spike to 100%, but I'd start with the easiest things first. Which is CPU power settings and making sure none of the efficient-cores are hitting 100%.