It's jelly, so in my opinion, not particularly. Jelly can't be sterilized, since it's a porous material, and also won't stand up to boiling or harsh cleaners such as bleach. It also offgasses various chemicals, the effects of which have not been proven. For those reasons, you have to use a condom with a toy like this for sanitary and safety reasons. It also has an unpleasant odor.
Finally, jelly toys don't last very long, as they start to peel and pit. They need cool, dark storage to extend their life, and even then it's not a guarantee. Worse yet, the chemicals in jelly can melt the materials in other toys, ruining those as well. And once it's sufficiently useless and you send it off to a landfill, it'll be there for a very long time.
On the other hand, it's very soft and flexible, and also cheap. So if you just want to use something once or twice and then throw it away, and you can live with the guilt of giving cancer to innocent dump rats, jelly's a fine choice, and certainly a better choice than using something not designed for insertion, which could result in a trip to the ER to have it extracted.
While that may not be the best material, you can get that same toy only without the vibe in silicone now. And from the look of it, the silicone version is made from a very soft silicone. Check it out here... link