Extension cord

It's probably "safe" at the moment but a serious and deadly accident in the making. The other covering is there to protect the inner wires from weather and damage. With the outer covering comprised the smallest of knicks could cause a short and/or fire. Or worse, somebody could grab it and get electrocuted. The entire inner insulating materials are also now subject to water and whatnot which they are definitely not designed for.

I'd say replace it asap.

If this cord carries power, continuing to use it could invalidate your insurance. A fire could leave you homeless and bankrupt. It might be connected to an antenna or dish such as for TV, in which case you'll just get worse and worse reception as the water gets in as time goes by.

From what you've said in your previous threads/posts, you have several electrical issues. Start by getting new electrical extension cords.