Yes. That's the part that keeps the clincher seated on the rim, once it comes off you'll continue to experience blowouts there.
Also, is it just rubber, or does that part contain a wire as well?
Thanks for the replies. It's just rubber that's peeling off, no wire that I can see.
Unfortunately, I don't have any receipts for the tyres.
@Millieri started
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Yes. That's the part that keeps the clincher seated on the rim, once it comes off you'll continue to experience blowouts there.
Also, is it just rubber, or does that part contain a wire as well?