Full meal or just appetizers

Considering the reception will take place during dinner time a full meal is recommended. Appetizers would only really work if it was at a non-meal time or if you had tons of options which would honestly either be just as expensive or more expensive than a full meal. As for downtime once you've eaten I would recommend walking around to each table to thank your guests and just chat with them a bit. You honestly don't get that much time talking to your guests so I liked going around to each table and talking to them for even just a few minutes per table. It felt more personal.

Full meal for sure, or maybe stations if that's an option. My wedding ran along the same time as yours. Ceremony was at 4:30, cocktail hour at 4:45 (ceremony was super short because it was a vow renewal) which lasted until 5:50ish. We had two hot appetizers along with veggies and dip. Dinner was served promptly at 6:30 and dessert around 7. Hubby and I walked around once we were done eating to visit tables. No one was hungry and there was very little downtime. Honestly, a lot of it comes down to the flow of your wedding. With mine, I had an amazing wedding coordinator who made sure everything ran smoothly. I was also very organized and made sure everyone understood my expectations for timing and flow.