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If it were me, I'd consider using that better job offer to negotiate a raise, it's a common tactic and can work if your manager values you. I get your worry about their reaction, but if they want to keep you, they might match the offer.
I brought an offer to my manager and emphasized I was happy where I was. They asked for a couple of days and came back with a counter. It worked, but it felt like a bit of a reset in trust.