No doubt about it, there must be a man inside this disguise that is teasing the idea of the "old woman".
Not a noble old lady for sure, more like a woman of the poor/regular population, an old woman that still has to work at her age, thread spindle and other hanging parts are all working tools.
In another reproduction of this same image, there is some text added, better defining the kind of character, and story of this old lady, that goes like this:
"La Ruffiana che fila e d'anni carca
Porca dei cor, ma di maniera Parca."
"The Pimp which is spinning is loaded with years
Slut of the hearts, but with a Sober behaviour
."