as-Salam Alaikum.
Brief opinion from schools on this.
The Hanafis
In Al-Fatawa al-Hindiyyah, it mentions that Abu Hanifa had an expensive shawl and would wear it below the ankles. Someone said, “Weren’t we forbidden from doing this?” He said, “That is for the people who are arrogant and we are not from amongst them.”
The Malikis
In Shaykh Al-‘Adawi’s commentary on the Risala of Ibn Abi Zayd, he discusses the two opinions in the Maliki madhab one prohibiting the matter and the other considering it disliked. He says, “In conclusion, there are varying narrations about this matter if the garment is worn below the ankle without the intention of arrogance. According to the conclusion of Al-Hattab, there is no prohibition, rather it is disliked. According to the Dhakhira [of Imam al-Qarafi], it is prohibited. What the correct opinion seems to be is that it is extremely disliked.”
The Shafi’is
Imam Nawawi, in his commentary of Sahih Muslim says, “It is not permissible to wear the garments below the ankles out of arrogance. If it is not done out of arrogance, then it is disliked. The apparent meaning of the Hadiths show that the prohibition is specific to those who do this out or arrogance.” Some of the Shafi’is, like Al-Dhahabi and Al-Hafidh Ibn Hajar, chose the opinion that it is prohibited.
The Hanbalis
According to the Hanbalis, as is found in the books Al-Iqnaa’ and Al-Mughni, it is considered disliked. Ibn Taymiyya also chose that it was disliked.