535 has much more correct FR than 846, which colors sound a lot by exaggerating bass and muffling high frequencies. I believe 535 is the best of what Shure could do in armature based IEM for now. A lot of people like this coloring of 846, just like they like "lamp" sound for an exact same reason. Certainly, you can use digital EQ to do the same on 535. And there is no reason to believe that 846 can have a better transient response or lower harmonics (all tests actually prove it) by adding additional armature. So it's just overpriced IEM over 535 that makes sound further from original and adds more power capability into LF range for people who have an itch of spending more money on headphones.
Thank you for your confirmation of my suspicions.
When first I tried the SE846, they seemed wow, amazing. But after a while I started not liking the sound much - something was not correct for me. As you mentioned, the balance for me was off. The lows are really pronounced on the SE846.
Maybe I just got accustomed to the sound of SE535 too much since I've been using them for 3+ years almost daily. For me the SE535 somehow feel more precise and exact (it's difficult to put these feelings in words).
It's good to know that I am not alone in this, meaning, not loving the sound of SE846 immediately. Given time, I am sure, that the sound would grow on me. But for now, skipping this product.
Thanks and cheers!