This photo appears to be taken prior to 1976 and appeared in Playboy Magazine around the time Terminator(1984)was released, judging by the caption. Playboy magazine had a year in review section which I believed they called “The year in Sex”(they may still have it) and Arnold was part of who they featured that year. Playboy magazine, by the way, in 2015, made a decision to take out it’s nude pictures presumably so that it could better compete with magazines like Maxim, which reach a younger audience. It limits sales if the magazines you want are barricaded behind the register area of the 7-11 and you have to ask a clerk to fetch your pornography which potentially may be so embarrassing that you pass on purchasing it. Besides, how could Playboy, started in 1953, compete with the internet.
The photo was part of a beach shoot with bikinied blond girls for Playboy that appeared in an earlier issue. They either reused the photo for the 1984 “Year in Sex” issue or that particular photo wasn’t in the magazine when the other photos from that shoot hit the press originally. The Terminator came out in 1984 and Arnold didn’t look like that in 1984.