It looks like the termination is for a concentric pipe system which supplies combustion air to and exhausts combustion gases from a high-efficiency gas furnace. You're right to be concerned about clearances. It's low enough that it's pretty easy for it to get blocked with debris or snow or become a seasonal nest for critters. Venting should be in accordance with the manufacturer's installation instructions. With respect to code requirements for the combustion (intake) air, the 2018 International Residential Code, which forms the core of most statewide building codes requires:

2407.11 Combustion Air

8. Combustion air intake openings located on the side of a building shall have the lowest side of such openings not less than 12" vertically from the adjoining ground level.

I'd also be concerned about whether the exhaust is higher or lower than the furnace. It's supposed to slope back to the furnace to facilitate draining of condensate. Unless your furnace is installed at basement level, it doesn't meet that requirement.

Do you get any snow accumulation? If you you do then the intake will be blocked and the furnace will not operate. The minimum distance to the dryer vent is usually 12 inches. The installation manual will provide the minimum distance.

We do get snow accumulation but I’ve never had an issue. Luckily this side of the house is well protected and I rarely get drifts. Also the furnace is in the basement so all good there. I’m just looking to hide all of those items in the side of the house best I can.