Judgeing by the gaps between the fenders and tires it looks fine. A few things can cause the suspension of a W126 to sag:
Tired springs.
Tired bushings.
Tired shocks.

Since you already replaced the shocks how picky are you? You could replace the rear sway bar bushings, diff mount, and swap in a set of OE springs. This may help.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200