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There really isn't enough info to answer the question meaningfully. Years of experience and number of users do not tell the story. I have seen old SF orgs that are very poorly configured and underutilized. Many admins in your position are great at satisfying their bosses. However, if neither you nor your boss have ever worked with an optimized org, you would not know what "good" looks like. The fact that you can be a one-person admin for such an org tells me that there is not much complexity to that org.
To determine your value relative to other Salesforce admins, look at things like:
Certifications / Trailhead activities.
Your experience with org integrations.
Time spent by users in the app.
The value of Salesforce to your users.
Can you use Salesforce from the Command Line Interface, via VScode or the Developer Console?
Executive satisfaction with Salesforce (would they like it to do more, but know that you are maxed out)
<Others can add additional ideas.>
You might be the best Salesforce admin they have ever worked with. You might also be quite junior compared to other admins.
$120k is the minimum pay to lead a middle-class life in the cheapest part of a western state. (IMHO)
You may be underpaid, undervalued, or you they may be paying you as much as they can afford. It is not possible to know.
Hope this helps you find a path to your best life.
A word from the mean streets if all you are doing in end user support and simple development you will always be undervalued. The one Salesforce FTE makes sense with that use case and 200 users in a simple org. They won’t invest in you or bring in more FTEs.
Where you want to be is solving pain points through Salesforce automation. Transformation of existing manual processes and measuring the improved efficiencies and $ savings. Once you show and story tell those wins you and Salesforce importance will rise. You also need an advocate who is bought into this vision too.
Then you can make the case for a Business Analyst or two who does that full time while you move to a product or technical side of Salesforce.
I had BAs on my team on West Coast making $100-120k and Manager making $175k.
My recommendation is to sell the above vision to get a read on whether management has an appetite. If they don’t you can either prove it yourself or walk. I have done it both ways.
I am in the same boat as you. 12 years experience, no consultant in 10 years, so any dev or configuration since then has been all me. I made mid 70k in the deep south, but I feel I'm underpaid.
70k with 12 years of experience??? Totally underpaid
Are you doing config work or dev work? How customized is your org? Which Cloud(s) are you on? Any integration work you maintain or support in your org?
Where do you get your requirements? How do you triage what to implement in the orgs? How do you prioritize?
That will tell us more of where you are . Are you Salesforce Admin keeping the lights on or more type of questions.