Help! My favourite plant is struggling – Peperomia obtusifolia

My favourite, previous thriving plant (Peperomia obtusifolia) is struggling.

Do I need to cut it all back or is there a chance of the long stems recovering? There is tiny new growth in the middle – so not sure if I should just focus on that now.

Also, struggling to figure out if it is under or over-watered (see comments below)

For some history:

• Had it for years
• Previously thriving (see photo from August 2024)
• Sits next to a floor-ceiling window/door is next to my balcony (only moved it for photos – otherwise it hasn't moved locations for years). I find this is the best location for it (years ago I had it further away from the window and it didn't grow much)
• Around November 2024 that the colour seemed to be dulling – but didn't notice any other issues
• December 2024 – a bit more droopy and dull, but nothing to be alarmed about
• Now – very droopy, pressed slightly on the stems and they seem to be dry/hollow
• It's been a bit neglected the past month (yay depression) – so it was dry when I noticed the drooping (I use a moisture meter) so I gave it a good water. No noticeable difference after watering
• Under or over-watering? Historically, when I've neglected the watering a bit, it's been absolutely fine. But we've had some really hot days here (Melbourne Australia) and I almost always have the aircon or fan on. So I can't tell if I should be letting it dry out or giving it more water
• It has drainage, but sits on a plate. I'm wondering if water was getting trapped between water and the plate? So I've started lifting it slightly as I water to let the water flow through
• Other theory – I move the plant to take 'progress' photos (I have an app), and I'm wondering if I damaged the stems while doing this because sometimes the leaves got caught while moving it around.

Sorry – that is a lot of info, but it's my favourite plant and I love how big and unruly it got. So I want to try my best to save it.

Thanks in advance!