Yes. the 24pin powers the board, the 8 and 4pin powers the CPU. Technically you could run without the 4pin but why not use it when you have the cable for it.
Leave it hanging, as long as nothing touches the contacts inside the connector you're good. If you want, move that loose connector behind the 24pin atx connector, or use a zip tie to hold that loose connector away from the board.
Technically, if you don't overclock the system, the 8 pin EPS connector would be enough to power your CPU. In very heavy benchmarks, the 2950x goes to 250w and in a "torture test" with PBO (some auto overclocking stuff) it got to 320 watts.
The 8 pin EPS connector is good for around 380 watts.
It's just better for your piece of mind to have the 4 pin connector as well, reduces the strain on the 8pin connector.
It won't really matter where the other end goes into the psu, as long as those are labeled with CPU
Use the supplied torque screwdriver to install your cpu and screw until the torque screwdriver makes that click ... it's very important for threadripper to be properly inserted in socket. If it's not right, you could have problems with motherboard not detecting ram in some memory slots, or you may get memory errors.