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I had slight orange peel on a panel and sanded it down to the level shown in the picture. Will an aggressive compound like M105 take this out or will I still have pockmarks?

I'm open to suggestions. It's a vintage German scooter but I don't want to go crazy on it. thanks

That's orange peel and should be wet sanded out.
Doesn't look too deep so maybe start with 1500 grit and a hard block and sand just enough to remove shiny spots.

Meguiars M-100 is light years ahead of the M-105 and doesn't contain any fillers.

what coronet said. his suggestion of M100 has saved me a crapton of labor when it comes to buffing