Yes, it's Giuliani in drag. Yes, that is the president "motor-boating" a man in drag.
So, when I first saw this I thought it was a deepfake. The video quality is juuuust poor enough to look like someone trying to obfuscate photo-choppin, the topic and performance juuuust off-color enough to be offensive to literally everyone.
But then I found out that it's one hundred percent real and my brain broke.