2012 E70 X5 have 120,000 miles bought car with 118,000 not sure if transmission filter was change. Do you think it’s wise to do the drain and replace the filter/pan/fluid?
Yes absolutely. While most manufacturers say that the transmission fluid is "lifetime", ZF recommends 50k service intervals for your vehicle's transmission. While this article is not a direct DIY for your vehicle, it will give you information regarding transmission service intervals and why transmission fluid is compromised after 50k miles. https://blog.fcpeuro.com/how-to-change-the-oil-in-a-zf-8-speed-transmission