It has been years and years since I saw this game and for the life of me I cannot remember what it was called…
The name of this old Arcade game
game-identification
Related Solutions
Via a reverse image search of this piece, I found the game.
It's called Battleheart (Google Play link | IOS Appstore link).
The image in question is from The Darkness II. (The tentacle appendages are different looking between the two games, if you ever need to tell them apart.)
Best Answer
This screenshot is from a 1987 Capcom arcade game called Black Tiger.