Looks like she's regurging directed to the toy. If she does a lot of this behavior you might consider changing out the toy, moving it in the cage, or giving her more individual attention.
phil has given you excellent advice.
Too much regurgitation to the toy can end up with your budgie becoming aggressive, territorial and even malnourished.
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Phil has given you excellent advice. You should remove the toy and rearrange her cage, as well as being sure to rotate different toys in and out of the cage so she's always exploring something new and isn't so fixated on the one toy
Meanwhile, be sure to read through the links provided above by FaeryBee to ensure you're up to date on the best budgie care practices! If you have any questions after doing so, please be sure to ask as we'd love to help
We hope to see you around!
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and Princess Mallorn!
Thank you to Deb for her wonderful Faery magic