honestly it's not the end of the world and is really only a concern if the holes are under a significant load IE a 1000 pound reef tank. Was it smart for the builder to do, definitely not but at least you have a suspended ceiling so you can easily address the issue's where you need to. And yes essentially that is exactly what you would be doing covering up the big a** hole in the joist and pinning the electrical to the underside of the joists


