It's essentially a photographic collage, done with Photoshop. Not conceptually much different than what Jerry Uelsmann (or a lot of other people) did with film-based photography.
My question would not be whether it's photography, but whether it's art? (But then, I have a rather narrow view of what constitutes art, and it's NOT whatever somebody says it is.) I think photographic art involves very careful, serious, investigations of reality, and almost automatically excludes anything Photoshopped. Photoshopping (in the usual sense of that word; I'm not referring to minor adjustments) automatically obscures initial conditions, and so has little to say about reality.
Okay. I've got to stop now. I'm writing this on a Delta flight into LA, and the overhead TV is showing two polar bears having sex. Makes it hard to concentrate...