The part of your question about what that section of access list does is fairly simple to answer but the part about whether you need it requires understanding of your environment that you have not provided. What the access list does is to provide a specific subnet (which you identify as your external IP range) with access to any destination address for Telnet, SSH, FTP, and web (both HTTP and HTTPS).
You show the access list being assigned inbound on the dialer interface. But we do not know what device this is on and we do not know whether your external IP range is really outside on your dialer interface. So we do not know whether you need this part of the access list on this interface. I also find it a bit odd that this access list permits 4 specific TCP protocols but no other IP access (no DNS, no ICMP or UDP) so the access list provides only very limited functionality for your external IP range. Perhaps that is what was intended - or perhaps not - we just do not know.
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