It all depends on the situation. I was engaged with someone I had been with for over 3 years. I think I knew all along that it would never work for us in the long run. Just too many differences in our personalities and the way we wanted to live our lives. When I finally had the courage to break it off, after the initial flood of emotions, I felt complete and total relief and haven't looked back since. Never been happier.
But that's just how it happened with me. Your case is different. This isn't something that other people can help you decide. Nobody but you and her know what it's truly like to be in your situation. Nobody knows exactly how you feel about one another. Sounds like it's time for a little soul-searching. You need to be sure before you take this big step that it is what you want and know that you won't change your mind. Don't rush into any decisions. Know yourself and what will make you happiest in the long run.