Looks like functional adornment to me. A barrette, or part of a clasp to secure clothing. The notches across the arms of the figurine would serve to keep cordage in place.
I think you nailed it. I think it is part of a hair adornment/barrette, with cord, wire, or a leather thong used to secure the hair. The teeth would keep it from slipping easily and falling off, a cord could have been tied around the neck and feet, or places in between to secure it.
Ouch! Beat me to it! Should have checked “last” before posting.
And the other figures? The lost gold chess pieces of Aesir after the battle with the sons of Surt that ended the last age.... (Ragnarok - Poetic Edda, I recall) and fell in some farmers field (?) Well...maybe not.