Just leave on good terms , give notice. You don’t want to burn a bridge even tho they deserve it.

Can you handle such a pay cut ?

I would still hold out for a better position else where, it’s the holidays and end of the year most places just hold out before hiring until after the first.

Just a though to hang on until you get interviews, I never once took a pay cut as I was barely making bills with current jobs and I worked in health care. I had some horrible working conditions for jobs , lots of doctors thought they were god. Bleh

Good luck in whatever you choose