The clicking noise is a sign the drive's mechanical parts are failing - that's likely the read/write head making contact with the spinning platter, which gets worse every time you power it up. You're right to be concerned about data loss, but you haven't lost it yet. The drive still has power and is spinning, which means the data itself is intact on the platters. What's damaged is just the mechanism that reads it.
Stop plugging it in now, yeah, but before you panic about recovery services (which can run anywhere from a few hundred to over a grand depending on the damage), try one thing: put the drive in the freezer for a couple hours, then plug it in while wrapped in a bag so condensation doesn't get inside. Sometimes this temporarily contracts the metal parts enough to let the head work again for a short window - maybe long enough to copy critical files off. It's a gamble and not guaranteed, but it costs nothing and takes minutes. If it works, copy everything you need, don't rely on the drive after that.
If the freezer trick doesn't work or you only get partial access, that's when you'd need professional recovery. A local data recovery shop can open the drive in a cleanroom and swap the failed head assembly, which usually recovers most or all of your files. It's expensive but way cheaper than losing years of backups if those files matter to you. Either way, once this is resolved, get a new external drive and rotate backups - five years is pushing it for any mechanical drive.