Well, I have looked at the gif many many times and I can't make out exactly where on the outboard you focused in on. It definitely doesn't look normal to me but, then again, I'm not sure exactly what I'm looking at......if that makes any sense.
I mean I thought at first I was looking at the shift shaft where it exits the gearcase and the water was gushing out just to the right of it. But that doesn't look like the gearcase and seems higher up. Water gushing from the gearcase doesn't make any sense anyway.
So my short answer is; I have no idea what that is.
I imagine several others are looking at it and just can't make it out like me. I only answered you to let you know someone was trying and probably many more than me, and you, are scratching their heads over this one.
Can you take another shot from a different angle or explain, as best as you can, where that is on the outboard?
Hopefully someone has a better answer for you.