Shemale and futanari are both visual tags. Whether a female character with male genitals is tagged with one or the other mainly depends on whether we can see a vagina or not. Visible vagina and dick = futanari, no visible vagina & has balls = assumed shemale
mmm totally in love with the cover pic of this gallery showing an ultra bodacious Excella Gionne putting her ample tatas to good use *yum* for those interested in seeing more of this fapworthy viXXXen in a yummy video with great monologue see https://rule34video.com/videos/3057180/persistant-evil-control-public-release-desiresfm/