After eighteen and a half years, for the first time, I recently changed the front and rear pads on my 04 4.4i 42k miles with my retired mechanic friend. At the time, the cost for ceramic Akebonos was ~$126. That is now below $120:

https://www.amazon.com/gp/product/B000X3DEAC

https://www.amazon.com/gp/product/B000CGV7SQ

My friend was able to reuse the original sensors which saved about $20. We didn't do the rotors, since they'll likely last another 15k miles.

The Akebonos take a little getting used to. They don't have the initial bite that the original pads do. Plenty of stopping power when you need it. Little to no dust, and no squealing.

~$120 is a lot less than you were quoted. Get a second opinion to make sure you need all those other parts