Depends on the author but yeah sometimes they do have a penis ¯_(ツ)_/¯
Omegaverse have 8 genders (Male , Female , Alpha Fe/male , omega Fe/male , Beta Fe/male)...
though Male and Female without trait is rare in some of the omegaverse (so we can also say that theres 6 genders)
Back to your question.... Yes some are futanari and some are not (I haven't read a lot with a women alpha so not really sure) ..
For example the manga "One night Only" have a female alpha as one of the main couple but shes a futanari but like a snake, her d*ck only comes out when they have s3x
In the manhwa “one night only” the female is a top alpha and her dick pops out when she gets horny-
https://www.mangago.me/read-manga/love_is_fantasy_the_queen/
In this one the fl was an alpha and had a dick
I’ve been meaning to ask this…….
But for anyone who knows A/B/O universe’s real well,do you know if alpha women have dicks.Cause I’ve always been curious when they slide them impregnating omega’s.When it comes to omega males and alpha males how the make children is simple ,same with beta’s, and even omega females.But alpha females always throw me for a loop cause I can’t figure it out or imagine it.Are they basically like a futanari or what?