OP maybe my eyes are broken, but I see that as significantly overfilled. The oil is supposed to mark right under the fifth hole up top. You’re reading into the twisted part of the dip stick 🧐. I would guess it would have to be at least 1-2 quarts overfilled to reach up there.

Also an unwritten rule for old dipsticks with the holes, is count the number of holes. This usually indicates the sump capacity. In this case 5 quarts. Now keep adding holes roughly at same distance up to your mark. Maybe 3.5 overfilled?

So yes, you need to pull some oil out.