This all on same breaker. Left, spliced wires are hot, but do nothing and there's no switch for them.
Wires on the right are on a switch that controls two other lights closer to the breaker.
Can I just removed the splice and terminate the hot wires into a box mounted on the rafter?
i think the spliced goes to these wires, then leads somewhere else?
You can terminate the wires in a junction box as long as the box remains accessible and has a cover. You might also label it with the panel slot #.
don't label with panel slot - too often you need to move things and so those are incorrect anyway