I am like you OP. 5'4", 120 pounds, over 50. I eat more than my 220 pound husband, more than my 22 yr old son, and way more than most women my age and size. Mostly healthy, whole foods, but I need to eat frequently and don't find protein, fiber, or anything else, very filling. I've always been a big eater and only ever had an issue with my weight when I was stress eating junk food for years on end.
I mostly consider myself fortunate. But I get it - it took me a long time to have a healthy relationship with my body and with food. If I ate significantly less, I suppose I could weigh significantly less, but I feel healthy and strong at this size.