Probably not, but when the wind blows the downspout will likely rattle a bit.
I can just imagine the light patterns flashing around the yard when it is windy and the light is turned on.
Of course it needs to be fixed. Sooner or later, the wires will fray and possibly short out. The frayed wires could also result in the gutter and downspout becoming energized. Energized gutters are never a good idea and will do nothing to keep the squirrels or rats off of them.
The aluminum ladder leaned against it from the ground could be a problem though for the unsuspecting person doing their annual gutter cleaning.
This is a pretty simple fix for the electrician---but a fix that should not be put off.
Charles Buell, Seattle Home Inspector