It has many potential meanings.
Laura poses like a statue at one point in the Red Room and then disappeared. The statue can reflect her “frozen” status, where she is trapped between two worlds.
The lack of arms means of course the statue cannot wear a ring, and there’s lot of symbolism around a ring in Fire Walk With Me.
The statue is a classic figure of beauty, and Laura was quite beautiful (she was the homecoming queen). And Annie won a beauty pageant before she was kidnapped by Windom Earle…
Mike, of course, has only one arm – so the statue can reflect that fact
Of course, it also looks great visually… and David Lynch may have had the set decorator put it there just because it does. What does it mean? Well, it may mean nothing… but David Lynch is filled with secrets.