Absolutely.
Intel will outperform Ryzen by a few FPS due to their higher IPC and clock speed (all else being equal), but from a price standpoint, it's tough to justify an i5 these days. Ryzen5 gives you 6cores/12threads and a respectable base/boost clock. Games are starting to use >4 cores, which (should) see the i5 start to drop off in relevance relatively soon.
In your build, some comments:
1. CPU comments as above.
2. The 212 EVO isn't particularly relevant these days. The Cryorig H7 would be a better option if you *must* go aftermarket, but the stock Intel cooler would also suffice.
3. Some games, especially if you opt for AAA titles are utilizing >8GB of RAM. Not that it's commonplace just yet, but 16GB should be your aim for system memory for gaming - gives you that added buffer for titles that either can exceed 8GB themselves or close too (as system resources will be reserving a small portion of your 8GB, if a title can utilize 7.5GB, you'd be pushing it close).
4. A build in that pricepoint is really crying out for an SSD. The overall responsiveness and boot/save/load times are worth the relatively small investment. Look for a minimum 240GB SSD though, as anything less can fill up fast and require you to spend a decent amount of time managing your space.
5. The G1 PSUs are solid enough, but dated - and in this case, overpriced. For an i5 (or Ryzen5) + 1080 build, a quality 450-550W PSU will serve you just as well.
6. Only a 60Hz monitor - which won't allow you to see the gains from the 1080 on your FPS titles (CS:GO etc).