Why does my 240V range outlet have five wires?
The wires you have here are ample for almost any range/oven configuration... almost.
Well, you definitely have conduit. The 3-wire entry above might've been /3 armored cable, but nobody makes armored cable with four #8? 10? red and one #14? 12? white. And if they did, they wouldn't mark &quot;TW&quot; on the wires.    So the fat pipe is definitely conduit. Maybe so is the thin pipe.
I'm betting that metal conduit provides grounding.  So you're all set for a modern 4-wire hookup.
Note that since it is conduit, it is feasible to pull out any wires you don't like, and replace them with wires you do like.  This is a huge advantage over those poor people who have their oven wiring done in cable, and cannot replace that in-wall wiring without a bunch of carpentry, drywall and paint.
What do you have here now?
Your current wiring includes

A 24 or 32 amp 120V/240V circuit for a range or oven  (neutral for oven light),
Another 24 or 32 amp 240V-only circuit that does not,  and
a 15 or 20 amp 120/240V circuit that can serve either a single oven (providing neutral for oven light) or a multi-wire branch circuit powering two 120V sub-circuits e.g. microwave + vent hood.

I can't tell if you have #8 or #10 wire on the big stuff, but regardless, let's crunch the numbers.

If you use both circuits in this pipe, then you need to contend with a thermal derate. Because of the nature of split-phase power, each circuit contains 2 wires &quot;that count&quot; under this table:

So... 24A for #10 and 32A for #8.   This &quot;TW&quot; wire really ties your hands because it forces you to derate off the 60C column.
The TW wire is obsolete; it's been replaced with THW (H=High Temp: 75C) and finally THHN (90C).  If you did nothing else, it'd be productive to pull these wires out of the conduit, drag in a pulling rope, then pull in the same wires that are THHN.  That lets you run out of the 90C column, permitting 30A from #10* and 44A from #8 wire.
Or for that matter you could pull and replace exactly the wires you need now.  To determine that, we need to see your oven's documentation.  I do recommend using all-red for the hots, or a weirder color still, to signal to the next person that this is conduit and they can pull any wires they please.


* 32A by the math; but #10 can't exceed 30A because of NEC 240.4(D).