I like the S in the 54, but it really depends on if you use your 54 for sand and what your sand conditions are.
My 54 is a fairway full shot/pitching club, so the S works brilliantly.
I have a 56F for fluffy sand conditions, and the 60D is working well in the bunkers when all I have other than it is my 54S.
I mix them up based on conditions.

I would go to the Vokey site and check out the wedge guide. Your local course conditions, your swing and what you intend to use it for all play into the decision. I personally love my 54* M, great for full swings on the turf I play in AZ.

Look for some pointer on how to hit my 56 further I can’t seem to hit it more than 50 yards no matter how I put the club face

I get about 50 yards on a pitch shot and 75 on a square stance.

Get fit for wedges. Turf condition and divot type due to swing should be considered.

52 F 56 S 60 M for me. I find F grind best for full shots.

I refer to my 54 S grind as my "shank club". It's pretty much a guaranteed shank every time on a full or 3/4 shots. Can't figure it out. No issues with the 58 M, but go figure.

Ironic that I struggle now that I was fitting properly for these wedges as opposed to buying them off the rack for the last 20 years. I'll get it figured out someday.

Two things to check:

1. are you standing too close?
2. Is it really a toe hit (looks like a shank).

Is your back foot getting stuck on the downswing? This is the root of all evil on golf swings and it cause a multitude of faults. Your weight on a wedge swing should remain on the front foot during the back swing (which should be compact anyway).

Another possibility is the lie angle is a bit flat. Why an M grind wouldn't shank and an S grind does is a mystery. I had the same issue with an apparent shank on full swings 10 years ago with the sand and lob wedges. UNTIL.... I set the lie angle of the lob wedge +1*.

The standard lie angle on the 9 iron is 64* with a length of 36". A lob wedge is generally 35". I set the 46/48 to 64.25, the 50 to 64.5, the 54/56 to 64.75, the 58-62 to 65. I have a 64* wedge and the lie angle is 65.25. It's obvious the lie angle spacing on irons is 1/2* due to a length change of 1/2* between clubs. Why not between wedges?

I find out after all of this, M grind does just about all I need. When I played with Don in 2017, I was using 48-54S-60L SM5. Sand game wasn't exactly fantastic.

12* is way too much bounce for me. I tried K grind with 10* bounce (used an SM6 58-12K bent to 56 and even had some great sand shots and did well out of rough) but its shortfall is tight lies.

Also, since I read all the hype about the D grind, decided to try an SM7 60-12D bent to 58. A little better than the K grind; however, 58-08M works better overall for me.

One other thing I found out is I do better out of hard sand with a 62-08M vs a 60-04L.

I also keep an MD3 64/8 for some courses vice the 62-08M.

I'd get fit. Is there a Titleist Thursday or Demo Day nearby? I always find it helpful to hit off turf and see what works
best for my swing under varying conditions.

Bounce makes a difference.

Just back from the Vokey experience at Pinehurst. I fit myself for 54S for heavy sand/57K for fluffy sand, and a 60M for short sides (SM6's). Running a blind test, using 3 grinds, the 54F was the best for me. I'm sold - even with wedges, empiric fitting pales by comparison to having actual clubs in hand.