What to do with 200k and no consumer debt?

About to close on selling my rental property and will be pocketing roughly 170k after everything. I have another 50k liquid in a HYSA at 4%.

After we pay off our cars and credit cards (20k total across 2 car loans and credit cards) we will have about 200k liquid with zero consumer debt.

I want to throw most of it into our mortgage (495k @ 5.75%) however I want to wait to refinance to the mid 4s before doing that and don’t want the money to just sit.

What should I do with this money? Throw it all into VOO? Dividends? Currently me and my wife have about 220k total invested across our portfolios, IRA, and 401k.

Ultimate goal is to reduce our monthly overhead expenses and set ourselves up for the long term.

We’re also considering taking a vacation so any suggestions there would be welcome too (we like the outdoors and are considering PNW since we’ve never been to that area)

Any advice appreciated thanks!