I am not debt free and have significant savings. It's a little over ten years since I finished college, and I went the route of making minimum payments on reasonable interest debt, and saving/investing the rest.
Mathematically, I am best off because of this. That's just how it works out, the return on investments has beaten the interest I've paid on debt.
However.
The difference is minimal. I estimate I'll be able to retire as much as 27 days earlier by doing this instead of paying off the debt first and then investing.
So for an extra 27 days of not working I'll have endured the weight and stress of debt for the last ten years plus another 15.
Your mileage may vary, but when it comes to achieving a certain net worth, paying down debt has all sorts of risk-adjusted benefits over chasing hypothetical returns.
If I had it to do over again, I'd eliminate the debt as quickly as possible, to the point of cutting down lifestyle/working extra jobs to make crazy progress.