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 version of this same image, there is some text added, which better defines the kind of character, and story of this old lady, that goes like this:
"La Ruffiana che fila e d'anni carca
Porca di cor, ma di maniera Parca."
"The Pimp which is spinning loaded is with years
Filthy in the heart, but of a Sober behavior."
