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?

Edit/Update Had a long meeting yesterday. He doesn’t get commissions, funding his plan would not trigger taxes by using tax deferred accounts. He moved away from the idea of a single annuity (thanks to me knowing to ask about inflexibility!) to a ladder of 1-year CDs (paying 4.1%) for years 1 and 2 to cover cost of living then SPDAs for years 3 and 4. The rest stays aggressive. He says this provides income guarantee until I reach age 62, while keeping the rest of the portfolio free to rebound after a crash. It will cost me $400k of my full portfolio, but I can reinvest anything I don’t need each year, e.g. if I don’t end up losing my job or get another.

Does this sound better? There are aspects I still don’t understand - mainly how committing to 4 years at about 4% is fundamentally different in a laddered approach versus a short-term fixed income annuity. I’m thinkng about it.