I'm trying to wire Shelly 1PM gen 3 to my wall outlet. Is the diagram correct?
No, follow the lines. N connects to 0, L connects to SW. RTFM 100% of the time and if you don't have certification get pay someone to do it. As its wired right now you have no power to the outlet.
Tbh I think that is intentional, since the device being wired is a wifi connected relay that I assume OP intends to use to control the outlet.
Line terminates and the switched side of it is jumpered back on itself. The plug receives no power. Basic circuit does not pass muster.
That's a switch input, O is the output from the relay.
Lose the black wire. I think that's an input for a physical switch, so you can have smart and dumb switching working together.
Other than that, it looks fine as per the example given on the product page:
The actual relay switch is internal:
Consult someone qualified if unsure. I am not qualified.
LOOOOOOL NOOO? Omg it is not even close to the thing visible on the diagram you just showed, but you still give your 5 cents, even though you have no clue about it. You know that can kill people, right? 🤣