First off, I'd like to start with a caveat that it depends on what you play. If what you're into are games like Call of Duty, Counter-Strike, Rocket League and the like, then yes, 4 threads are more than enough.
Over the past year I've seen an uptake of CPU usage in modern titles. Gears of War 4 showing a higher framerate with an i7 w/ a 1080 over an i5, Battlefield 1 using all the CPU it can (although it does run fine on i5s and i3s), Deus Ex: Mankind Divided not working the best with quadcores unless they're heavily OC'ed and even then it'll push you to 100% usage with a high enough GPU (or low enough settings), Watch Dogs 2 being heavily threaded and running terribly unless you have an i7 (although I think this is an optimization issue), and more games taking the same crown Crysis 3 had in 2013 with CPU usage. You can overclock your i5 to "mask" the need for more threads now (except for WD2 where OC does next to nothing) but what happens when you can no longer do that? Are 4-core, 4-thread CPUs truly enough if you want to play the highest end titles?
Over the past year I've seen an uptake of CPU usage in modern titles. Gears of War 4 showing a higher framerate with an i7 w/ a 1080 over an i5, Battlefield 1 using all the CPU it can (although it does run fine on i5s and i3s), Deus Ex: Mankind Divided not working the best with quadcores unless they're heavily OC'ed and even then it'll push you to 100% usage with a high enough GPU (or low enough settings), Watch Dogs 2 being heavily threaded and running terribly unless you have an i7 (although I think this is an optimization issue), and more games taking the same crown Crysis 3 had in 2013 with CPU usage. You can overclock your i5 to "mask" the need for more threads now (except for WD2 where OC does next to nothing) but what happens when you can no longer do that? Are 4-core, 4-thread CPUs truly enough if you want to play the highest end titles?