Where to prune

I’ve had this plant for almost 5 years and wish I pruned it sooner, as now it is now so tall and leaning over !

I’d like to prune where the yellow line is, because that’s where I’d like it to start branching. Is that too low? I’d be cutting off most of the plant. It’s sad and it’ll take years so grow back to its current size! Worth it?

If I do that – I’ll have essentially a huge cutting, could I stick the whole top (it’s like 4 feet) in water or soil and have it be a new plant? I hate to lose it, as it makes up most of the tree! Or do I need to break it up into smaller cuttings ?

You’ll also see it branched where I put the blue arrow.

Any advice appreciated. I think it’s definitely time to do something to help this plant in the long run to be a beautiful bushy tree. Just sad to see years of growth chopped off.