Should we pay off our mortgage early?

We're 12 years into a 30 year mortgage at 4.75% interest. We're in a position where we have enough saved away that we can pay off the remainder of the loan in one go.

Our savings our sizable enough that we have the remaining cost of the mortgage thrice over.

Without paying off our mortgage we have maybe 2 years of runway if we had no other income- if we paid off our mortgage we would have 4 years of runway with no other income.

We know the common advice is to invest the money in something that would return a larger percentage than you're spending on interest for the loan, but that makes us nervous given the current instability of the market.

Paying it off would also offer us a sizable peace of mind knowing that our house was ours free and clear, and would put us on a path to be completely debt free inside a year.

With all that, would paying it off make sense for us?