The most common and most likely answer to this crossword clue is the 5 letter word UVULA
I've seen this crossword clue in Independent
U
V
U
L
A
Buddy explains!

The straight part
We know that "Dangly bit" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case dangly bit = uvula.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does UVULA mean?
UVULA noun- The fleshy appendage that hangs from the back of the palate, that closes the nasopharynx during swallowing.
- The slight elevation in the mucous membrane immediately behind the internal urethral orifice of the urinary bladder, caused by the middle lobe of the prostate.
- An object so suspended inside a bell that it may hit the bell and cause it to ring; a clapper.