Yeah, if you don't absolutely need an upgrade right away, it might be worth waiting. Graphics card prices appear to be starting to trend downward, but they are still super-high compared to a year ago. Keep in mind, the 1650 originally launched at (US) prices starting as low as $150 two years back. The RTX 3060 Ti was supposed to be priced at $400 (though wasn't really ever available for that due to crypto miners messing up the market), and that's a card that offers roughly 3-4 times the graphics performance of a 1650, plus hardware support for raytracing effects and DLSS upscaling, not found on the 16-series cards.
At the very least, I would aim for something like the newly-launched RTX 3050 at this point, as that card offers around double the performance of a 1650, along with 8GB of VRAM. It also features at least some level of raytracing capability, along with the option for DLSS upscaling. It's supposed to be a $250 card, though you're unlikely to find one for that at the moment. Still, I see at least one model of that card in-stock at Newegg right now for $450 shipped, which would be a far better option than a 1650 for close to that price, assuming you are looking at US prices.
It should be noted that the RTX 3050 does only offer a PCIe x8 interface, which could potentially affect performance in some games over PCIe 2.0, though it shouldn't be affected nearly as bad as the 6500 XT with its x4 interface and half the VRAM. I'm not sure if there could be any potential incompatibilities with that card on your older motherboard though. There is always the option of doing a more thorough system upgrade, of course, as other PC components are priced fairly reasonably right now.