Personally, I don't feel anxious about getting in (although I've had multiple dreams about this school in particular so maybe I'm subconsciously more anxious than I realize). Don't get me wrong; I want to get in this year, but if I don't I'll continue doing what I'm currently doing (healthcare field), improve my application, and reapply. I laughed when you said you already feel old bc I'm a non-trad and can (kind of) relate. I'll be 30 this year. At this point in the cycle, though, I really just want the final decision so that I can decide how to orient myself for the future, if that makes sense.
And to answer your question about pros of not getting in, 2020 was a year of immense personal development for me. One pro I can think of is that if I don't get in, I'll have another year to continue that caliber of development without intense, deadline-driven studying and exams calling my attention away from that. I don't necessarily feel like I have to be advancing education-/career-wise to be advancing and working on myself.