The hole Spencer falls into
It's the same hole in Nightmare on Elm Street 5 The Dream Child that Dan's soul gets sucked in and Mark almost falls in which seemingly represented Alice's uterus where Freddy was sending the souls to feed to Jacob.
Here in Freddy's Dead it just seems like it's gonna take Spencer to Freddy's afterlife where Carlos was on the TV with the other dead kids so the question remains did this hole represent Freddys butthole