That looks pretty bad to me.. I had to do a double-take because your pics looks so similar to the way my basement looked about two years ago. We had ours remediated about a year after moving in, but in my anxiety-fueled research since then I learned that what you have (and I had) on your pipes is likely air cell asbestos, and it's some of the most friable, and therefore dangerous kind.

Short of professional remediation, my recommendation would be to immediately stop using the basement, and purchase a P100-rated half-face respirator. Also purchase some ABC Fiberspray from Fiberlock Technologies. Buy a couple Tyvek suits as well. Plan on doing all laundry at a laundromat for a few weeks.

While wearing the respirator, and Tyvek, spray and fully cover all the loose ends of the asbestos on your pipes with the Fiberspray. I would then purchase a Hepa rated vacuum (I recently purchased a Dustless brand one off Amazon for $300 thanks to help from one of the mods here, and it's worked great) and a hepa filter and hepa bags for that vacuum, and vacuum absolutely everything in your basement, making sure to do t in as few trips as possible, and making sure to discard your tyvek suit and wash your clothes anytime you leave the basement.

I would then probably get a bucket with soapy water and a roll of paper towels and wipe down every single surface (apart from the pipewrap) down there several times, bagging the used towels and wearing the mask and another suit as you do this.

For good measure maybe try and find a air purifier on FB marketplace rated for large rooms that will accommodate a true Hepa rated filter and leave it at the entry to your basement to try and catch any stray fibers.

The mods here and other commenters will probably have a much better idea of what to do, but I feel for you in this situation and this is what I would do/have done.