As others have said, that is typical of what you'd find on a 500 of that age, and nowhere near to failing yet. If you treat it now, it will likely last the remaining life of the car.
The question is how best to do that.
Firstly, forget about using any kind of brush on or spray on so-called rust converter; they simply don't work in this kind of application. Secondly, forget about using paint, or anything else which will harden. You won't be able to prepare the surface adequately with the beam in situ, moisture will get between the paint and the surface, and it'll continue to rust away under the paint. Whatever you use has to be non-hardening.
If you're going to have any chance of removing all of the existing corrosion, you're going to have to do the bulk of the work mechanically. Wire brushes may get off some of the worst bits, but to have any chance of reaching the crevices and corners, you'd need to sandblast it, and to do that, you'd have to remove the beam and strip everything off it. And if you're going to do all that work, you might as well go the whole hog and send it away to be hot-dip galvanised. (it has been done on this forum!)
Fortunately none of this is necessary. All you need to do is to stop it rusting any further, and the way to do that is to cover it with something that'll both stick to the surface and stop water from reaching it. There are a number of proprietary products that can do this; waxoyl, dinitrol, etc; but the cheapest and easiest is just old-fashioned grease.
Just buy a tube of the
cheapest, stickiest grease you can find, and several pairs of grease-resistant gloves. Then after a nice warm dry spell (anyone remember those?!) crawl under the car and spread it over all those bits you've photographed. No need to dismantle anything and even if you're obsessively thorough, it'll take you less than an hour.