I guess it depends on how you define camping wagon. It’s not a 4Runner. Stock clearance is 8.5 inches; my tires are just slightly oversized so probably more like 8.7. Approach angle could be better although the overhang on the V90 looks shorter. Haldex awd system so nothing too fancy there, but it does really well in snow or mud with the right tires. I do full snow tires in the winter, and AT tires the rest of the year. There are a few youtube videos from Europe and Russia showing XC70 wagons doing some surprising things. It did great on the Washington backcountry discovery route as photographed to camp and for some general overland travel. For me, it is for getting to the trailhead so I can then backpack, mountain bike, camp etc. It’s not going to be a great choice for challenging the local ORV Park or any activity known as rock-crawling, “jeeping” or “muddin.” It has limitations.
It is tough to beat as a road trip car. I like the seats, and the completely flat cargo area with the seats folded. I’m 6’2” and can easily sleep in the back. I like the torque (354 lb-ft). And after 3 years, it’s been dead reliable. I’m pretty happy!