Its a rubber ring that slides on a solid metal bar.
Its not used like a driveshaft donut, neither does it decouple the gearbox output from the road wheel with a compliant component. Its just a rubber ring on a metal bar. Dampened engine pulleys for example have an inner and outer metal part with the rubber sandwiched between the parts to give it some flexibility, they serve a very different reason though with torsional vibration from the huge range of frequency pulses on a crankshaft.
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