I can't say I've seen the term used for androgynous characters or men that look like women before, those are usually just called androgynous/femboy. The closest I've seen to an actual term for characters with a female body but only male genitals is a newhalf, though it doesn't seem to be an especially well-known term.
Usually, futanari is used interchangeably with hermaphrodite, to refer to someone with a feminine body with both male and female genitals. That's generally what an average person is probably most likely to expect when they see the tag.
Though to be honest, using futanari in the tags and description seems kind of unnecessary overall; the game itself simply calls them male and female like normal, treats them no different to how male and female would be in any other game, and even the fact that the men look like women doesn't really seem to come up much beyond a few passing mentions in the opening and the MC being mistaken for a girl early on.