A bit late to the party, but I'll add in my two cent.
If you want to lighten your study load, please do it because you have time-consuming (but worthwhile or neccessary) commitments but still want respectable grades instead of because you dropped the advanced portion of your degree. If you do decide to drop the advanced portion of your degree, embrace the opportunity to graduate earlier (it's the main reason why people drop parts of their degree). Even if you do decide to continue with the advanced option, there is nothing wrong in completing it in 5 years instead of 4.
I don't think employers care to much if you take slightly longer for your degree (saying that as someone that has took a couple of breaks as a result of life circumstances and health reasons), especially if you have valuable commitments and life experiences to boot. If you take significantly longer (like double the times) or there are significant time gaps in your CV, you may have to explain it to graduate schools or employers, but valuable life experiences or difficult circumstances are usually considered valid. Also at least a significant minority of students don't finish degrees on time for various reasons-health, life circumstances, travel, uni exchange, work, extra-curriculars, so you are far from alone.
Also I totally get it with wanting to juggle extra-curriculars, I think there are many good reasons for doing so-especially if they are worthwhile to you. Like work is necessary for most students. And there are things like writing plays/screenplays, start-ups or setting up a community that project that may only be relevant at a certain point in time, depending on the societal climate. And in fields like theatre, it's really good to get experience and mentorship opportunities when you are in your late teens and early 20s. And other experiences like doing sport or debating at a national and international level (whether in uni or outside), which are once in a lifetime experiences (not to mention really valued by grad schools and employers, debating has helped me get quite a few opportunities). I usually drop a subject just before the census date though because in some semesters, you may have easier subjects that makes a full study load more manageable.