Yes cloaking AFFILIATE links is allowed (i posted a guide, didn't you read it?) but theporndude.com is using this technique to hide to Googlebot websites that are not AFFILIATES and do not own an AFFILIATE program. theporndude.com hides to Googlebot these links because they are not "good" for the Google Guide Lines.
E.G.: BrasilTudoLiberado. This site has not reason to be approached as an affiliate, but theporndude.com hides this link to Googlebot because it is in SPANISH (for Google it is not good if you have link to pages in other languages..)
Plus, and also important he hides the link to other websites (which are not AFFLIATES) to don't show to Google that he has too much RECIPROCAL links. He don't says this to his partners and this is the matter of an other thread i posted:
https://gfy.com/fucking-around-and-pr...-partners.html
And here it is explained clearly: "If you’re hiding the true nature of your links so you can send bots to one destination and human users to another, Google considers you cloaking for a malicious reason and will penalize you for doing so. This is also a bad technique, and while it’s harder to catch, it’s still obvious to some bots and will hurt you in the long run.
"
Source:
How to Properly Cloak Your Affiliate Links
In few words he is masking the links he wants and not cloaking the AFFILIATES.
About the DROP. I clearly said that from semrush.com you can check that he is passed from 4M to 300K. You can also simply check the SERP. If you are not able to check the google.com SERP properly you can read my first post in this thread.