My GPU is actually older than that -- it's GTX 950. But at the start of the VN version, it does say that the 3D version should be fine for any mid-range computer. GTX 950 is above the mid range, and it's the lowest tier component I have. I'm not sure why the settings wouldn't adjust until you actually get in the game; however, the menu is not even slightly graphically complex.
I will note that the GTX 1070 has 8GB of VRAM, which is far higher than the GTX 950's 2 GB of VRAM. Most gaming GPUs today do have at least 8 GB of VRAM, so perhaps that's the important factor in determining whether it's "moderately new" enough, and not the actual age in years or performance tier.