Yessir. Did the same on my 530xi wagon. Weren't nearly as dirty as yours though when I did mine @ 192k miles. I know this applies to all N52s and would assume all N54s.

Looks like extended service intervals at some point in the life of that engine.

While we're talking about N52/54 common issues. Check your front 4 head bolts for the heads snapping. 3 are under the valve cover and can't be seen but 1 is external just behind the OFHG. Mine snapped (assume the 3 internal ones are too) causing oil leakage down the front and side of the engine. If you know the N52/54s propensities to eat the belt through the crank seal... you don't want that belt getting oil soaked.

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2005 X5 4.4i Build 04/05 Maintenance/Build Log
Nav, Pano, Sport (Purchased 06/14 w/ 109,000 miles) (Sold 8/15 w/121,000 miles)

2006 X5 4.8is Build 11/05 Maintenance/Build Log
Nav, DSP, Pano, Running Boards, OEM Tow Hitch, Cold Weather Pckg (Purchased 08/15 w/ 90,500 miles)

2010 X5 35d Build 02/10
Nav, HiFi, 6 DVD, Sports Pckg, Cold Weather Pckg, HUD, CAS, Running Boards, Leather Dash, PDC, Pano (Purchased 03/17 w/ 136,120 miles)