Low key wedding or fancy

My fiancee and I are going back and forth on what to do.

Option 1:

Tiny wedding. Have a lakeside ceremony with 50 people , go to a restaraunt afterwards. Stay at a hotel that night.

Option 2: banquet

Invite his whole family and more if mine (95 people), rent a hall, pay for the 4 course meal, drinks, DJ etc.

A bit about us: neither of us drink / my bf has social anxiety and hates dancing / we are pretty close with our immediate family but not much extended

We want to make our friends and family happy and go all out but it would cost $8,000 more than just doing the lake ceremony & going to a restaraunt afterwards.

Anyone have a small wedding or big wedding : did you enjoy it ? Would you do it differently?