What kind of wiring is this? : HomeImprovement

I am starting to plan for a remodel of my living room and kitchen. My house was built in 1944 and the work space is about 1200sq ft.

I’m removing paneling to replace with drywall and since the walls will be open I am considering moving some outlets or switches a few feet here or there as well as updating outlets or switches, consolidating single switches into a double or triple switch panel where possible.

Looking at the electric from the basement it looks like this with metal tubing running in and out of junction boxes. Is this type of wiring a hazard that needs to be replaced entirely? Even if it is not an active hazard, is there a benefit to replacing it since I’ll have the walls open?

I’d appreciate any input you have. I just want to account for as much as possible while I’m planning.

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