Mid 30s couple 2 kids- dumb with money

Husband and I make good money both have $200k plus a year jobs . We have about $250-300k in our savings at any given time. We were raised to always pay cash for things and never go in debt. So we had 300 but I needed a new car for my new job and paid cash for it so now we are at $250k. I think this is too much to have in a normal Wells Fargo savings account. Husband thinks this is normal. Don't you think we should be investing or doing something with it?

We have zero debt besides mortgage. We both max contribute to our 401ks.

Edit: we will both come into a few million in real estate on each side when parents pass.

Also we live very frugaly- we drive fords and live in a modest house. We are not fancy people. We like quality over quantity.

Lastly we currently are paying $4k a month in daycare costs for our 2 little girls and that will be ending in the near future so we will have that extra money

Edit to my edit : apparently I wasn't aware we were "high earners"