I am due too. I read of a cooling change in some Apple products. Maybe less hot running. Big price differences so I am not sure what choice to make either. This old one still does all I want so?

Do you do a lot of gaming or graphics heavy photo/video processing? (Photoshop or Final Cut Pro?)

If not, the cheaper Air may be just fine for you.

I’m almost done recording an album using Logic Pro X on my 2016 MacBook Air.

Airs are getting a lot of press because the hardware is powerful. However, I consider them junk.
1. Minimal storage for most of us who actually do anything on our computers. Therefore, reliant on Cloud services for EVERYTHING. Hell no, as far as I’m concerned, anyway.
2. Basically non-repairable.
3. Non-upgradeable. A lot of recent MacBook Pros have been almost as bad. But, they’re getting better.
4. Most have fewer ports, or just one, depending on whether you buy the current version or a used older one.

MacBook Pros are just superior and last well. I still run my business and do a ton of heavy-duty graphics on a 2012 machine. I’m toying with getting a modern one now that they’re past the crap generations plus are becoming more repairable. But really, I have no urgent need, when I’m using an upgraded multi-TB SSD, maxed memory, etc, and I am easily crunching video and 12 foot photo banners at 300 dpi.

The regular Macbook is faster, has more processing power and has more features, plus it can handle substantial upgrades in RAM, SSD capacity, and so on.

The Air usually isn't as fast or powerful, but it's lighter. Upgrades are limited in comparison.

So pick which one matters to you. Me, I'd go with the regular Macbook. It will last you for years. My husband is still using his 2011 Macbook. Of course, he can't upgrade his OS anymore--that's stuck at High Sierra, but he's able to do everything that High Sierra lets him do.

Heck, Snow Leopard (OS 10.6) users were still able to do most internet-related things until 2018 or so.

That's the good thing about Mac. Unless you're a hard core power user/programmer type, it will last you a while.