My check engine light was lit on my 1996 SL320. From what I read, I put in a new O2 sensor. At 94k miles, it was time. The M104 in my W124 mileage improved when I change it there.
The check engine light was back on in a matter of miles. Next, I put in new vacuum lines. The light was still on.
Here's where I show how old I am. The M104 in my SL has an electric air injection pump. I runs from a 40amp fuse. The fuse had blown.
I popped in a new fuse and was able to reset the check engine light.
A quick check of the big orange 40A fuse would have been a quick first step.