Yes, but that assumes that the exterior upgrades are appealing.
Personally, I dislike the mono color thing where the lower cladding and
the bumpers are all the same color. I like the contrasts of the pre-94 exteriors.

Interior upgrades can be similarly challenged. You gain the passenger airbag and loose the glove box. You gain the flip top arm rest. You gain the remote control of the drivers mirror. Nice but no big deal. I have swapped the driver's seat from the '93 to the '92 and so I have the glovebox and the arm rest box.

'93 up have bigger brakes. So what, I have absolutely never come close to
maxing out the brakes on the '92 300E or my former '90 300E.

I have read that '94 - '95 have softer suspensions and more sound deadening materials. Both mine are factory sportline. I have driven a couple of '95's and they felt very tippy, if that's a word.

On the M103 versus M104 comparison, I prefer the M103 to the M104 that I specifically have in my '93. However, most of this is due to the slight hesitation from stop that the '93 exhibits. I suspect this is abnormal, but I bought the thing on a whim, and don't really drive it. My mechanic says that the M104 is virtually bulletproof. He has never had to do a valve job on a M104. My '93 has 254,000 miles on it. It has had a head gasket, but no
valve job. Runs great.

Steve