In this particular instance, I do not know the answers to the headline’s questions.
Some fungi are “edible, generally”, some are “toxic, generally”, whilst others could be labelled as “it all depends on which fauna species attempts to eat it, and/or on how and when they eat it and/or on how much of it they eat, and/or on how they prepare it”.
If you look carefully, you can see a little fragment at the bottom, apparently broken off from the pictured coral fungus’s fruiting body.
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