Need to be careful with the words here.
The W211/S211 Elegance came with softer suspension settings than the Avantgarde and Sport, which not only came with "sport suspension" (i.e. a bit harder) but also had bigger wheels. Which is why the Elegance had a more limo like ride than the Avantgarde and (2006 onwards) Sport.
All W211/S211's had adjustable Airmatic suspension, which gives that adjustability between Comfort and Sports suspension settings, which "usually" were used on the softer settings around town, and harder settings at speed on the Motorway. (Although some set it to "Sport" all the time). The third elevated suspension setting, whose button sits separately on the dash, was intended, as I understand it, for elevating the car for short distances (rutted tracks, odd angles in the road etc)
None of this is the fabled ABC suspension from the S class and SL. A glorious creation that's well worth the money but which can give a few problems a decade down the line, as the owners of ALL air suspension cars know.
At least that's my understanding based on the 2004 S211, 2007 W211, and 2010 S212 that i've owned this last decade. I'm no wrench monkey, so I'll be happy to be corrected by anyone with hands on knowledge of fixing oily bits.