How much Cash on hand?

My household is a little over half way to our FIRE goal with ~1.92m in liquid NW. About 250k of this is in SGOV sitting in a brokerage account. 125k of this is our emergency fund (HCOL, job uncertainty) while the other 125k is purely for added peace of mind and possible bargain investing when/if market opportunities arise. This means 13% of our liquid NW is in cash. Is this an absurd amount of cash for our portfolio size ? How much cash do others keep on hand given economic and job uncertainty? One of us was recently laid off which is another reason for the extra cash above the emergency fund.