She's actually hallucinating an entire life wherein the frog turns into a prince. They get married she becomes the princess, they have 3 boys, eventually the king dies and hee husband takes the throne. The kids are grown now.
She wakes up 15 minutes later with a lifetime of memories.
Still a better result than to suddenly get a naked spoiled rich kid that was getting it on with frogs for prob a lot of years. You can't unkiss that mess (well, but you can go find the witch & apologise).
It feels like the punchline doesn't quite fit like it should...
I think the second panel should be leaning in for the kiss with the frog out of frame, third panel the same, a new fourth panel showing a close-up of the frog so we can retroactively piece together what happened.
But the whole point of the gag is to subvert our expectation of what happens when a princess kisses a frog. If the frog doesn't appear until the end, then where are we going to get our expectation from?
You still see the frog on the wall in the first and third panels, you just might not notice it's colorful so the comic has a chance to do that subversion and surprise at the end.
With the way it's structured now you aren't surprised by the ending because it's very clearly a poisonous looking frog.