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The snake isn't just a snake, it's a defensive cobra known as Uraeus, and the woman depicted by this statue is may be Wadjet, an Egyptian goddess, whose symbol Uraeus primarily was. According to some newer mythologies, it was Isis who created the first Uraeus.
The Uraeus could have been added on the mask of important mortals as well, so Tutankhamun had one on his mask, too. So there's some chance that it could have been any important enough woman in the ancient Egyptian history. The inscription probably makes it clear who the woman is supposed to be.
The body is clearly a modern attractive woman β no woman on the old Egyptian statues was in such a good physical condition and so realistic β so the piece isn't supposed to be a replica of any ancient Egyptian sculpture.