There are two interpretations.
1. Yes, she is a psychic vampire or a succubus. She drains the life-force energy from men. The same can be said of the "woman of the vampire species" in
Escravo de uma Paixão (1915).
2. Genuine (
Fern Andra) is a vampire in the other sense: a woman who uses her feminine wiles to entrap men.
Theda Bara played "vamps" in movies like
Escravo de uma Paixão (1915). In movies during this era you'll see many references to "vamps" and "vamping." In
Charles Chaplin's
O Garoto (1921), during a dream sequence, the devil appears to a female angel and commands her to "vamp" the male angel.