I’d highly consider painting as all your furniture is dark. When I started my Reno project the designer said paint changes everything and it will bring a freshness to the room. Plus as she said if you stick with the same color or tone you have you’ll spend money on the renovation and feel like you have the same room, give or take a few changes.
Look on house at family rooms like yours that have a lighter feel, it would really make a difference I think.
Don’t you hate when total strangers give you the one piece of advice you weren’t looking for?
Here’s some of my favorites off houzz, they even address your fireplace

Like this

Or this

The TV needs to be hung even lower than it is so certainly not above the fireplace.

Here the wood has been painted a really beautiful blue, my girlfriend did it in her family room and with the leather furniture it’s so warm and cozy. In the next photo you’ll see they used a light stain which of course it would be so cost prohibitive to sand and restrain your wood but to paint it a light color on this idea might be a thought.
I had to rip off my old mantel and hire a finish carpenter to rebuild. I literally took a picture I liked off houzz showed it to him.
Here’s my new built ins and new mantel.
The open cabinet next to the fireplace will hold wood once the room is done.

Btw, I just looked closer at your picture. I really love all your paneling AND your mantel. But as you can see I’m into white or even Patrick Ahearns 50% China white & 50% linen white mix for a really pretty soft white. Keep your mantel and remove the dated brass screen with something more current say matte black maybe?
My designer is big on painting the brick part white, says all the hubby’s hate the idea but then live the finished product.
Yeah I agree move TV lower, but avoid over the fireplace.
Man this room has such good bones!

I really like the paneling too! I wouldn’t paint it, though I see why you’d consider it, since there’s so much big and brown in the room. I think changing the furniture so it contrasts more with the paneling would make a world of difference. A solid surface floor with a vibrant rug would be nice too.

Originally my family room was very much like yours. Paneling half way, solid wall of brick for the fireplace, beams, crown molding. Below is a pic of what the new owners did with it. You decide.

We don't think you need to paint, but we wouldn't move the TV to above the fireplace. Keep the TV on the current wall, and replace the carpet.

Oh my God, Regina! Love that painted wood. It would be a huge improvement here. The wood is so dark. The wood and brick would look so fresh, modern, and clean painted.

Change the fireplace insert or spray it with a high-heat black paint meant for grills. We did that to our brass insert and it really helped the overall look, easy $5 update :)