Good Morning and thank you all for your thoughtful comments.
To summarize it so far:
New cabling brake/shoes/shifting -- I have to do this anyway so it's an excellent suggestion using Jagwire and will make the bike 'feel' better. $100
New Crank and Cassette -- These are showing their age so they need to be replaced and I wanted to get a power meter. r7000 front and back and the 4iii $475
Leave the Claris -- although the upgrade to the r7000 is only $30
Shimano HG901 chain -- $50
But wait there's more... I need new pedals -- Look Keo $60
So I am looking at around $800 to service the bike.
So this begs the question... At what point do I just get another used bike that has upgraded components? Whats the break point for a new bike?
2018 Cannondale Synapse with 105's and disc $1000 -- its a gravel but it's still an upgrade from my Giant?