I agree, your saddle looks too low.
Have you tried to do the heel on pedal method, as a basic fit check? It's probably the lowest your saddle should be. But for the reasons below, it's not the last word.
Also, perhaps you should recheck your inseam measurement making sure you have the longest possible measurement - get the book really pulled up hard in there. I'm just under 5'6" and my inseam, true pubic bone height, is 32.2 cm.
Also, if you have long feet or a forward cleat position, your knee will be bent more than for someone with small feet for the same saddle height, even more so if your thighs are long. This just proves that pure vertical measurements aren't necessary the last word.
At the same time you can just go out for a long ride or trainer session and see if you have pain on the front of your knees. For me that's a sure sign to raise the saddle a few mm at a time. The height at which knee pain ends or never starts but not high enough for painful hip rocking, is the correct height in my personal experience.