>>97249687She is leaning forward and she is in the middle of a lake, the guy is above her and on a horse. The horse alone is at the same height as her head is, although it doesn't seem like that because the perspective is skewed in the last panel a lot (that, or she is swimming around in knee-height water which sounds like a stretch).
He couldn't see her vagina from that angle, at most he is seeing is the top of her bush. And judging from the lightning (which is difficult given that only her body is shaded), he can't see much of that either as the front of her body is in the shadows.
I'm not even gonna get into how much that helmet is obscuring the guys vision.
Take a look at this other example; Melusine is covering both of her parts up here while standing upright, Krapella (the black haired one) is instead leaning forward. Even when she is pointing, she is standing from the side and using the arm on her back, so the arm can cover her while she is using her hand.
It may look like comical nudity but it is actually drawn in a realistic manner.
