>>719109953 (OP)
>What am I in for?
Upgrade the ram to at least 16GB, and you'll have pretty decent time. 32GB would help even more.
That 500GB Hard-disk is going to be a bit limiting as well. Many games recommend an SSD these days for faster on-the-fly loading of data. If you still have pennies, cheap 500GB SSD for the OS and some more recent games would be a nice speed boost for your entire system. You can leave the HDD in for the secondary applications and older games that don't take hundreds of gigs of space.
What comes to the video card... 4GB VRAM is veeery little by today's standards, but you can make do with it if you:
A) Avoid Unreal 5 slop,
B) Stick to 1080p/60fps (or below),
C) Make heavy use of Upscalers (FSR or XeSS, since GTX cards cannot use DLSS).
D) All of the above.
Games like Yakuza, Deep Rock Galactic, Dark Souls to Elden Ring, NieR 1-2, Red Dead 1, Witcher trilogy, GTA5, nu-DOOM 2016, Serious Sam 3, and any Valve game (Half-Life, Counter-Strike, L4D...) will run just fine.
Generally, any "e-sports" title will run on even weaker hardware without issues, and anything made pre-2015 will generally not use that much VRAM.
You'd be shocked how gorgeous and smooth the "older" Unreal 4 and 3 games can be on such weak hardware. Talking about games like the Batham Arkham series, Days Gone, Killing Floor 1-2 ... etc.
Most emulators stress CPUs more than GPUs. You'll be able to emulate up to Nintendo Wii-U just fine, but PS3 and Xbox 360 will still be very demanding for many games.
But if you stick to NES to GC era stuff, you will have shittons of great, older vidya to enjoy.
Now, if you want to upgrade, a cheap RTX 3060 12GB would be a significant boost for your system, and wouldn't even break a bank.
Just make sure your PSU is up for the task, as that GTX 1650 is a low-power card that doesn't need external power connectors. If it turns out to be a limiting factor, I guess you could make do with the RTX 3050 or something similar from Intel or AMD...