We have a number of locations (all private) that have holiday lights in the trees. Each tree has a GFI recept, bubble cover, and string lights installed by the landscapers.
As to....right or wrong....??
Those that I have looked at, the strings are in good shape, and I think they check/replace them on a regular basis.
No extension cords; no EMT/PVC...they 'wrap' from the bottom up.
Twp lighting is down by mid to late January.