I wouldn't use any card less than the GTX 1050 Ti with a i3-2120, myself. But to answer your question, yes. There will be considerable CPU bottleneck with that processor and card. Especially in AAA games on busy servers where the CPU won't be able to keep up with all the players and the card too.
The reason I said I would pick the GTX 1050 Ti is because the best card for little to no bottleneck would be a GTX 750 Ti. But they are scarce now and probably warrant as high a price as the 1050 Ti. Plus, there are some graphically intense games when played offline that won't bottleneck the i3-2120 bad.
That, and you may want to upgrade the CPU next. Then you'll have the gfx card that will do the trick for you.