correction in sentence [they singular vs they plural]

There is one example of ambiguity that the question overlooks: is the 'higher social standing' with respect to society in general, or the individual mentioned?

Addressing the earmarked issue:

• An individual will tend to conform more to others if they are of higher social standing.

• A will tend to conform more to B if they are C.

This (in the example given) is indeterminate between

• A will tend to conform more to B if A be C. &
• A will tend to conform more to B if B be C.

(Apologies for the archaic present subjunctive; it avoids the are/is complication.)

With singular 'they' having become well established, the sentence is ambiguous (if generic 'he' were standard, we would avoid this complication) and adding a comma won't disambiguate forcing the sense you require. Using 'the latter' certainly forces the required sense, but feels sledgehammerish. I'd use another compromise:

• An individual will tend to conform more to other people if those people are of § higher social standing ¶.

where § = 'generally perceived as having' (dropping the 'of') and '¶ = than themself' disambiguate the ambiguity originally mentioned.