There are lots of ways to run cable through the sheathing as seen in the picture, but there are some issues with what's shown.
It looks like they used short rigid nipple as protection around the cable. Nothing wrong with that, as long as you do it right. The nipple doesn't extend too close to the inside finish wall, which is good. You'd need a proper bushing where the cable exits to protect the cable from abrasion. A threaded plastic bushing that threads onto the end of the nipple, rather than a lump of tape, would be suitable. If the box was securely mounted to the wall from the outside, and the space between the nipple and the hole filled with silicone sealant or duct seal, then it would be OK.
Although it's done as shown all the time, technically the NM-B indoor cable is not rated for the outdoor location in the box. It should be a UF cable. If you want to be super picky, I bet that nipple is a plumbing pipe nipple rather than an electrical conduit nipple.
A more common way to do this would be to use a cable connector fitting on the back of the box, instead of the nipple:
Again you'd need to seal between the connector and the hole in the wall with silicone or duct seal to ensure that water doesn't seep in, and fasten the box securely to the outside wall.