The ductwork in this house is absolutely fantastic! Yes, it's old and may be sagging in some area's after hanging for years and years. All of this is normal. Should it be changed? Maybe, but all in all it looks ok.
I have only come across a few jobs with duct where this much time and effort was placed into the fabrication and installation. The time needed is easily double, maybe even triple of what lead times would be today. Plus, the man hours into laying out the duct needed to complete the job.
The cool part is the way the duct line is laid out and how each heat run is a rectangular or square branch with multiple rounded offsets and risers. Today, all of these heat runs would be round and branching off the top of the main trunk line. And the fabrication time would be minimal because much of what you see would be standard, stock sizes that can be purchased at your local Home Depot.
However, the time and effort in the fabrication, with rounded inner throats is completely custom and just fabulous. My father and I completely appreciate the craftsmanship that went into this amount of bespoke trunk duct and fittings. Very cool.