I've seen worse. A good measure of "how bad" is to look at those "cups" that hold the bump stops. Your bump stop has fallen off and is sitting loose inside the spring, but that will be because the "stalk" that sits in the cup has broken off and/or the hole the stalk goes into has enlarged due to rust. Your "cup" looks OK, compared to the example shown below. But a new "cap" can be welded on, and the subframe is a substantially thick lump of metal and if you remove it and clean it up and paint it you'll be surprised how much better it looks.
The trailing arms can look hideously scabby however and attempts to clean them up can still render them looking hideous. New arms are around £100 each from AutoDoc.
I'd be more worried about the rear brakes pipes: after 20+ years one or more will likely need replacing, and the rear brake compensator will have seen better days.
But the hardest and costliest repair will be for yhe boot floor/inner wing. It's only metal, and a lot easier to reach with the fuel tank and subframe out of the way, but then it's very hard to move around inless you have a frame or dolly of some sort...