Threat of layoff, 4 years to age 62, fearing recession. Financial advisor suggested protecting half of my portfolio in a short-term 4.5% annuity. Does this make sense for me?

I am not super savvy about investment strategies, so bear with me as I try to explain.

I was decently on track to retire at age 62 and maintain my current lifestyle. But I have a well paying job that I needed to keep for the next four years to make it all work, and now there is a 90% chance I’ll be let go this summer. I will not find a comparable job in my field at my age, jobs are rare and there is too much ageism.

My advisor said the worst case scenario for my $ is to have to live off what I can take without penalties if the market drops significantly (e.g., recession) - I’d have to take about 10% per year, selling low, and my plan would fail.

Also, I am at 70% stock, so fairly exposed - have already lost 8% in the past month.

He suggests protecting the non tax-deferred part (about half, $700k or so) of my portfolio in a short-term annuity that pays 4.5% to try to mitigate against losing too much more if there’s a recession, keeping the rest in 70% stocks or higher.

Is this a good idea? Is 4.5% a good rate for a 3-5 year annuity (I’m not sure yet what duration)? Is it too late to avoid buying low?