There are games, but few exclusives (just 18 the last time I checked). If you want to play modern games and don't want a PC, it's fine for that, without really being special in any way. It is a difficult value proposition for owners of the previous gen, since the jump in visual fidelity is much smaller than between prior generations (an inevitability that isn't Sony's fault) and since the previous generation is still being at least partially supported and was strongly supported for a very long time. However, over time, most have clearly made the jump and with the release of GTA VI (timed exclusive for PS), the system will see another significant boost.

Mods are not really a factor on consoles. Very few console gamers care about them. Xbox has slightly better support with fewer restrictions, but there are only a handful of games with support (mainly Bethesda RPGs). It clearly hasn't helped the competition from Redmond.