Welcome to DIY Chatroom! I moved your thread to the plumbing board for more specialized exposure.
What you have is a 1/2" hot (red)
1/2" cold (Blue)
The top 1-1/2" white PVC pipe is what the Ptrap connects to
The bottom 1-1/2" pipe is a little different than I'm used to seeing, but it is probably threaded into a Clean out Tee. If so, you unscrew the pipe and install a clean out plug instead. That will put it back to the wall and you won't need it again unless you have a stopped up drain in the future.
Hope this help
Edit: I just noticed your h&c are backwards You can make that correct when you connect the faucet in the future by swapping the lines.