Removal of conductors/wiring as per the NEC is not a requirement for line voltage wiring.
As far as protecting the open ends of conductors, the picture shows what would also be code compliant.
With that said, if the overhead has been converted to underground, those conductors are most likely not energized.
But…if I was a HI, I would site that this wiring should be checked out by a licensed electrician…remove the liability from you and put it on someone else