Skilled Migration PR at 38-39 with engineering background - still viable?

Hi everyone, I'm hoping to get some honest advice about my chances for Australian permanent residency through skilled migration. I have a Bachelor's degree in Food Engineering and a Master's in Engineering Management. I also have about seven years of experience across various roles like production engineering, operations management, logistics, manufacturing, and supply chain, including some managerial positions. My current idea is to first come to Australia for language school, then complete a two-year Master's degree here. The thing is, by the time I finish this study path and start seriously looking into migration options, I'll be around 38 or 39 years old. I'm worried about whether age will significantly impact my chances. Do you think I'd still have a realistic shot at obtaining PR through skilled migration at that age? Would employer sponsorship be a more practical route for someone in my situation? Also, how crucial is it to have Australian work experience or to be on the Skilled Occupation List? Any feedback from those who've been through it or have professional insights would be greatly appreciated.