The photo in the OP looks very staged and somewhat false to me. It appears to be something a professional street photographer would take. Perhaps some, or at least one person in the photo is a professional model, with the others being local unpaid volunteers just for the purpose of taking the photo? Therefore, I don't think the question can be answered purely based on the photo.
With that out of the way, I don’t think the OP is asking about that particular photo per se, but rather about the question, "When women walk by, men whistle? Compliment or insult?"
I think it’s possible for everything we do or say to be done in a respectful or disrespectful way. Yet, the way in which something is received can be highly subjective based on a person’s own experiences and perspectives.
I have noticed in the past that when some people are wolf-whistled at, the way it is received can depend on how handsome or pretty the person doing the whistling is. How someone might feel about being wolf-whistled might also depend on the environment and whether the people involved are known to each other. Being wolf-whistled by several men in an otherwise deserted street, devoid of other women, versus in a more ‘safer’ social setting, or a staged setting such as the photo, can result in very different reactions. There are always going to be different answers to the question posed by the OP.
As for me, I’ve been wolf-whistled on a number of occasions when I was younger, usually in the middle of town while shopping. On one occasion, at the age of 18, I was walking through a factory floor mostly of women. Greeted by them with wolf whistles as they were working away. Along with phrases such as, "get your clothes off". The male manager I was walking with said to me something like, “Just ignore them, they are animals." It was my first taste of what some women in group’s can be like.
The last time, much to my surprise, was in 2019 from a small group of women who were already seated in a movie theatre. They were unknown to me. I was walking towards them up an aisle as I was heading to my seat to watch Ford v Ferrari. At my age it was a compliment. It felt like it was the best day of the year so far. It could have been a group of men whistling at me for all I care. At my age, you have to take what you can get!