Hi Alexander.
The title, as I said before, reads
Die Gesellen mit den Puchsen behent schießen wellen, meaning The guys wish to quickly fire their guns.
Thus it gives no clue to the various illustrated actions in the picture but you are doubtlessly correct: this guy is shown extracting a wad or a bullet with some kind of a threaded extractor.
You noticed a few 16th/17th extractors for using in the treaded iron finial of the ramrod im my collection when you were here!
See attatched image, on the right hand side.
Best,
Michael