You can delete all your photos, and still have 30 days to un-delete them before they are permanently gone.
Manage your iCloud storage - Apple Support
It comes down to personal choice, but with that many photos I advocate a backup solution that does not depend on a subscription service:
- Move some of your files to external storage, such as iCloud Drive* or an external drive connected to your Mac.
Do I just need a new laptop?
No, but that's another personal choice only you can make. Apple offers Macs with different storage capacities so that you can decide what's best for you. If all you need to do is communicate with email and messaging and to use Safari, that sort of thing, then you don't need a lot of storage.
On the other hand, if you intend to use a Mac to store a lot of photos and videos as you have been doing, then you will want more than the minimum amount of storage.
Nobody ever regrets buying a Mac with too much storage, or too much memory.