Some songs have that gentle hymn like quality. That is how I see this one. Maybe you could call it a hymn ballad? Thankfulness is often expressed for blessings in this world. (Family, friends, possessions, etc...) I love it when a song says thank you to the God who loves and saves us! I would say thanking God is essential part of worship.
Verses for Consideration:
Give thanks in all circumstances; for this is the will of God in Christ Jesus for you.
Psalm 100:4 ESV
Enter his gates with thanksgiving, and his courts with praise! Give thanks to him; bless his name!
Lyrics:
VERSE 1
Grace that flows like a river
Washing over me Fount of heaven
love of Christ Overflow in me
CHORUS
Thank You Jesus
You set me free
Christ my Saviour
You rescued me
VERSE 2
Take this life delivered
A vessel of Your love
Wholly now devoted
To see Your kingdom come
BRIDGE
You’ve given me life
You’ve opened my eyes
I love You Lord I love You Lord
You’ve entered my heart
You’ve set me apart
I love You Lord I love You Lord