Those are definitely asbestos shingles, and, for the most part, asbestos is pretty bad news.
I don't have any experience with it in a residential structure, but I had to remediate a commercial building full of it about eight years ago and, at that time, the options were basically remove it, encapsulate it, or barrier it off.
I chose to remove it which is the best way to go, imo, once and done and no more worries. And afaik the owner of a hazardous substance is liable for it until it's lawful destruction so the people telling you to jake leg it are offering up some really bad advice, imho.
I haven't seen anything like that electrical setup and there is probably also aluminum wire in there.
It looks like you have a block wall off to the side? If it's big enough, I'd look at maybe setting a new meter base there with a 200 amp service, a main breaker and a new 40 circuit panel. Then try to run feeds from the new panel into that old thing and join up with your existing wiring. Run new circuits as necessary from the new panel.
This would be a kludge, but could probably be made to meet codes and be safe and avoid disturbance of that asbestos.
Alternatively, you might be able to have a pole set by your garage, and mount a meter base, panel, and some outlets on the pole. That's what I did at my little car shop and it's perfectly legal and works very well. Given your circumstances, that is probably your best and least expensive solution to your immediate problem.
Of course the best way is to have a reputable certified asbestos contractor remove that siding and re side and rewire the dwelling. You likely can't even legally bulldoze the place with that siding in place.
They constantly tweak these enviro regs so I would look into it before you do anything. There may be some subsidies or grants available since it is a residence.