the hole looks fine and not enlarged too much.
what's important is that there's enough clean metal (the clean round bolt imprint) for the bolt & bush sleeve to "clamp" onto.
if the hole was bigger than the bolt head or bush sleeve on the other hand, then it won't be secure & just rattle about n do more damage.
to line up the panhard bolt holes with the axle end attached is just simple geometry. you need to drop the axle away from the chassis, making the rod angle itself up & towards the right until the holes line up.