Snowolf, Yes, In that pic my lower body is inclined, which helps with a high board edge angle (bite) but has the upper body upright to prevent the center of mass from being too low and overpowering the edge with lateral pressure. In great ("hero") snow conditions, extreme carving (not this pic) can also be done with the upper body straightened against the snow and in-line with the legs (no angulation), which are extended at the apex of the carve down the fall line. The difference in the "degree" of inclination you see in the conventional carving pic, I suspect, probably stems from the capability of hard vs. soft gear. Softboot riders with that much board angle usually need even more knee bend and are maxed out on angulation for the edge to hold. There are some great hardcarving softboot vids on youtube, which show this. Again though, the pic is just intended to show the relationship of inclination and angulation.
On the flipside, it is sometimes problematic to thigh- or butt-out on heelside carves that have "too" much inclination though. That's where your thigh/butt gets too low to the snow and bears enough weight to unload the board edge. You're headed for a downhill spin in that case, like a toy top. Similar (and perhaps more problematic) is for the knees to bottom out on the snow in toeside carves (all with very angulated, non-extreme carving, which uses a very different technique).