I think the bike is probably small, but there is something I don't get. If we take the already mentioned Felt Z85, it has the same seat tube angle as OP's bike. It has only 1 cm more top tube length or frame reach. It does have 15 mm more stack.
So, OP's bike sounds small (especially the "46.5" which mystifies me), but on paper using stack, reach and seat tube angle it is pretty similar to a 54 cm bike (and it's larger than the Z85 51 cm).
So, I don't really get what is going on. OP could probably achieve a similar bike size to a 54cm Z85 with a stem flip and slight lengthening. And given how cramped he looks, I am confused why.
OP, what is your cycling inseam?