Should I Keep My Emergency Fund in a HYSA or Invest It in the S&P 500?

Hi everyone. I’m currently facing a financial dilemma and would like to hear your opinions.
I want to open a savings account so I can start earning interest on my money. My initial plan is to open an American Express High-Yield Savings Account (HYSA) and earn around 3% per year. I would use this money as my emergency fund and for future expenses, such as buying a car.
Here is my dilemma: I already invest in the S&P 500, but I treat that investment strictly as long-term money. However, after seeing its historical average return of around 10%, I’m tempted to invest my emergency savings in the S&P 500 as well instead of keeping it in a savings account, in order to maximize my returns.
What do you think? Is it worth taking that risk with an emergency fund to potentially earn a higher return, or would it be better in this specific situation to keep the money completely safe in the Amex HYSA?