Yeah, the dangling bits are probably just physics chains or cloth-sim.
Would be an interesting challenge to create them in Niagara 
(Similar to this: [Niagara 4.25] Rope Physics Mini Tutorial or the ‘Chain’ Niagara content example. It’s more difficult with one continous mesh though, without the separated links of a chain.)
The sprites you can clearly see, as they fade out.
On a side note: For droplets, you don’t even need a mesh, just a simple drop texture like this should do the trick:
Just shade it correctly in the shader and you should be good. The more important thing is movement and stretching (which you can all do in Niagara). It’s usually easiest to align the drops to velocity for effects like this.