Update on my issue with the RTX 3070. I encountered a signal drop again after turning the display off for a bit then back on, but the issue went away after plugging into another display and using DDU to uninstall drivers, then reinstalling. I think this simply reset the settings for the display having the issue.
My display that would lose the signal is an LG OLED C9. I replaced the HDMI cable thinking the cable was having the issue, but I saw the new cable lose signal once as well. I've been running 2560x1440@120Hz with 4:4:4 chroma. The TV does not allow these settings unless Deep Color (HDR) mode is enabled on the HDMI port. So the next time I lost the signal I disabled Deep Color, signal came back (but not allowing my settings), then I re-enabled Deep Color and got back the signal with my settings. Signal loss is very rare now (only one time) with the new cable, but I think just toggling that setting on the TV on/off should get the signal back if it happens again.
Still not entirely sure, but it seems it could be my TV being flaky or the HDMI cable. At least I didn't have to uninstall/re-install drivers last time the signal was lost. I just toggled that Deep Color setting and waited for the TV to restart which is mildly annoying, but far less hassle than switching to another display and re-installing drivers just to get the signal back. The previous HDMI cable was doing it more often. It's not entirely resolved, but it's very rarely happening now.