I am new to PC gaming as well as of 2015 but here is my personal opinion:
The processor you selected is dual-core w/ hyper threading and based on the relatively new Kaby Lake architecture, and at 3.5 Ghz, your single threaded performance (what you need in most games) should be quite good for the price. Eight GB of ram is the perfect amount right now for a budget build. No need to add more. If I were you, I would save a bit more for a slightly more powerful GPU, if anything, but I understand you are on a budget.
Right now you can expect
40-60fps in GTAV on Medium settings, and drops into the
low thirties when you are in the city, where your CPU might struggle. Almost the
same deal for Watch Dogs(Assuming watch dogs 1 not 2), 30-50fps or lower in the more populous areas with a lot going on. Not sure about COD, have no experience with those games on PC, but they should run better than GTA and Watch Dogs overall on your system.
Xenoverse should run great with your current specs,
solid 60fps on medium-high.
As long as you are not lowering graphics settings trying to get above 60fps, your CPU most likely won't hold back your system, but like CyberBlade said, another $50 for a better graphics card will make all the difference. Go for 1050Ti or RX 470 if at all possible.
Don't trust on persons advice alone, though. If you need more confirmation, search
"Pentium g4560 benchmarks GTX 1050" on youtube and see what your combination produces.
Looking good so far, just the graphics card would benefit from an upgrade the most. Wish you luck!
-Bahazbz