The markings Type SE Style U, commonly referred to as SEU cable, is a service entrance nonmetallic cable (similar to the nonmetallic cables we call "Romex" but larger gauge). SEU is commonly used to feed panels or large appliances.
The markings CDRS 3 8 AL mark it out as a 3 conductor cable of 8 AWG, made from aluminum.
SEU cable has two insulated conductors and one uninsulated concentric "shield/wrap" conductor which was commonly used as a neutral in old 240/120V circuits (something we now know to be incorrect). That stopped in the 1990s. You can still legally use the 3rd conductor as a ground, though.
By the NEC, It is not suitable to carry 40A. If you need a 40A circuit, you'd need 6 AWG AL (or 8 AWG Copper). Additionally, that is only a 3 conductor cable, so you'd only be able to run a 240V circuit, not a 240/120V as commonly used by a range.
There's no reason to remove it, though, even if you have to install another cable for your range circuit. This #8 SEU would be great to install a NEMA 6-30 on the end and call it a dedicated EV charging circuit. Even if you don't or won't have an EV, your listing agent will love it when you go to sell the house.