Yes, the airflow meter is only for the EGR (and ARV) function, and is not required if these items have been disabled. I jammed the door open, but there was zero - and I mean zero - change in performance. There is no restriction here, at near-stock power levels anyway. If you remove the sensor assembly, it will save a few pounds of weight, but that's all. It doesn't "clean up" the engine compartment at all since the assembly is almost entirely hidden by the air cleaner, at least on a W124 with OM603 engine.
The ideal solution is to buy the European plumbing for a non-EGR engine, which is a plain S-pipe with the appropriate mounting bosses. It's callout #199 in the image below (for a 124.133 chassis). It may be the same for the 126 chassis as well (SDL).
