Graphic designer here, my guess would be a Photoshop job. I’m mostly going by the visual qualities of the edge of the thumb, comparing where it appears over the graphic, versus where it appears over the rest of the hand. There’s a slight but discernible difference in the sharpness, that usually indicates masking.

I did a reverse image search with TinEye, and found a “Colgate Whitening Dogs” version of the same original photo, which supports the Photoshop theory (at least in one of the two images): https://i.imgur.com/IB6rn9E.jpeg . That makes me think the original photo was of a pack of hotdogs where the label was blank / white – That’d let you distort the fake label graphic to roughly match the size and placement of where the real label art would go, and preserve the shadows, highlights and reflections of the packaging using layer styles.