No way!
When my in-laws lived in the Auxerre area, we counted 2.5 hours to the Porte d'Orleans, which is the furthest southern area of Paris. I've made this trip many times.
Since you need to be at the airport at 12:40 minimum, you should allow five hours to get there, return the car and be in line. Traffic will slow down or jam about 15k south of Paris, just before Orly. It could be stop-and-go until way on the other side of Paris, or it could flow but slowly. I have spent 2 hours going from Orly to CDG more than once.
Personally, I would be in the Paris area the night before, turn in my rental car and take a taxi or RER B to the airport leaving around 11:30 am. In fact, that's exactly what we did a couple of weeks ago for an afternoon flight.