Sky is only really essential if you want/need to watch a lot of live sport - otherwise a decent freeview or freesat recorder box, plus access to iPlayer and the ITV and C4 equivalents, would do for most people.
The best way of judging is to look at what you and - MOST IMPORTANTLY - Mrs Sqad like watching and could not do without, that is only available on Sky. If there is nothing, phone them up and cancel. It certainly used to be the case that if you phoned them to cancel, they may come up with a better deal to persuade you to stay. I've not heard of that in a little while though ...
I hardly ever watch telly and I've never had Sky. However I have got Now TV, which is Sky's online budget service, mainly because I enjoy watching Air Crash Investigation. At £9.99 per month for the Entertainment package, it's a lot cheaper than Sky's satellite services. So perhaps it might also be suitable for you?
https://www.nowtv.com/membership
Freeview is fine, for me. I record a lot of stuff and hardly ever get to watch it anyway ! So, the many channels of freeview suit ME down to the ground. Never had Sky.
I ditched sky for virgin, virgin became too much so ditched that too, sky however did not want their box back so we use it as free view. You can't record but out smart TV has all the free iplayer, itv, more4, plutotv, ch5 etc and we can usually find anything we've missed. Don't miss the record facility at all.
Make a note of what you watch on Sky and see if you think it's worth paying for. There are loads of programmes on Freeview and plenty about Air Crashes.
We have Freeview and Amazon prime. The Freeview is ***. But some of that is cos we live in the North East and our area transmitter burnt down a year ago and we lost alot of Freeview channels. However even before that Freeview wasn't brilliant. On top of the 5 main channels you got a film channel, Dave, a couple of U.S channels showing old shows and some shopping channels. I think Sky+ would be alot better than that. Amazon isn't great either, all the films are old and the ones that aren't you have to pay for. If it wasn't for the cheap parcel service I wouldn't get it.