Using the 4 conductor method with the resistor at the panel can give some supervision, slightly better than what I see in the photo. But, the only true supervision is putting the EOL at the sensor.
Example of using a 4 conductor cable with EOL resistors: If you have black red green and white as a 4 conductor cable and at the panel you use white and green on the panel's zone terminals. The resistor is attached to the red and black at the panel. At the door or window sensor, you use the red and green on the sensor and connect the white and black to each other.
On takeovers of systems installed by large companies, many times, I see the method shown in that photo.
It's quite easy to install EOL resistors at hardwired motion detectors, glassbreaks, roll-up door switches and outdoor audible devices.
Sometimes, especially in residential, an installer used 2 conductor wire to doors and windows and it is a lot of work to remove the contact and install the EOL. And then it's recommended to replace the contact if you disturbed or pried on the contact to get to the connection. And if you have multiple openings on one zone, and you're not installing zone expanders, you're going to have to sacrifice some true supervision. There are times, usually in residential installs, when an installer used an EOL on a circuit in a place that is now impossible to access or run a new wire, and that resistor is a different value than the panel I'm installing.
If this is a commercial install, absolutely install them at the device, do not put them at the panel like that.