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That looks more like some sort of double-ended penis rather than a futanari, since it is looks to be being inserted into the pink girl rather than being a part of her.
It's definitely coming out of her pussy (which is a bit abnormal for futanari), but it's also clearly ejaculating and is shaped like a flesh and blood penis rather than a dildo. So, I think that the futanari tag is justified here.
Her expression suggests that she isn't exactly sure what it is either.
It's anime, not suppose to be comprehensible.