Thanks for posting the full system specs/and game list, I can see now that your PSU shouldn't be an issue for upgrading.
Now regarding your original question, from my humble point of view I can tell you this:
- Is your CPU holding GPU available performance? YES
- Changing the current i5 7500 (4 cores/4threads) to some compatible model, like the Core i7 6700/7700 (4 cores/8 threads) would give you more performance out of your GPU? YES
- Does your GPU Have enough power to play every game you listed and maybe some new title you may buy soon?, well.... thats a Maybe and probably, sometimes.....
Now you will ask me: Why is that?, the answer is simple, Higher setting means: More VRAM (for high detail texture, shadows, effects, etc.), and your current graphic card only have 3 GB of VRAM, when anything below 4GB will have troubles (4 GB of VRAM is currently not the best for high/ultra settings).
Lets look at the bright side, this doesn't mean a new CPU wont help it means, as someone mention earlier, that you may need to think about changing your GPU later on too if you wana enjoy games at 1080p highest details levels without loosing too many FPS.
As I wrote, one course of action will be trying to find a cheap Core i7 6700/7700 (preferably the latest one), but this may seems to be somehow not worth it, if the price is too high.
The other path will be getting a new modern platform, and if you need/want to buy now the option is AMD. (I don't know if you like it or not, is just the way it is)
You could get for the price of a i7 9700K - 8 cores/8threads - CPU (
https://pcpartpicker.com/product/WtyV3C/intel-core-i7-9700k-36ghz-8-core-processor-bx80684i79700k), a whole new platform which will have best midrange gaming CPU today the Ryzen 5 3600 with 6 cores /12 threads, 2x8GB of DDR4 3200 RAM, and one, if not the best budget B450 motherboard out there (when I said budget I don't mean dirty cheap):
PCPartPicker Part List
CPU: AMD Ryzen 5 3600 3.6 GHz 6-Core Processor ($169.99 @ Amazon)
Motherboard: MSI B450 TOMAHAWK MAX ATX AM4 Motherboard ($114.99 @ B&H)
Memory: G.Skill Ripjaws V Series 16 GB (2 x 8 GB) DDR4-3200 Memory ($74.99 @ Newegg)
Total: $359.97
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2020-04-17 17:33 EDT-0400
Not to mention the Core i7 9700K requires you to buy a new motherboard of a dead platform, cause the next intel CPU launching, wont work on the current motherboards.
Finally, once you save enough money you could upgrade the GPU and still getting awesome performance from paring it with the Ryzen 5 3600 (which according to AMD should be upgradable to the new Ryzen 4xxx CPUs launching in september 2020 using the same AM4 socket motherboard)
Then again, what you do is your choice. If you wana wait till Oct/Nov 2020, the Ryzen 3xxx will probably get cheaper as the new Ryzen 4xxx get to the market.
Cheers