When this was going around the first time a few months ago, I saw a few people mention it was the TV version. Movie Censorship confirms that it’s the same as the one IMDb has listed for a while: https://www.movie-censorship.com/report.php?ID=765444
That link looks like it’s attributing that digital-fur-tech change to Disney+, though. I also don’t believe Splash had any other TV edits made to it other than the ones initially made when it first got sold to network/syndication way back in the day.
This is the sort of change that would have/could have only been made on the cheap, and made very recently, and it’s just a lot more likely Disney applied the change themselves. Normally that edit is either a zoom in so you can’t see her buttcrack when she jumps into the water, or they cut back to Tom Hanks before she jumps.