If we want to get literary, it's a physical representation of her sexual desire, which in this scene has been embarrassingly exposed by her soon-to-be lover. She makes a surface level attempt to conceal it but exposes herself in the process, priming her for contact with her man. Indeed, she is distracted away from her simulacrum by the real thing moments later. He is not so easily covered up. He has seen her desire. She knows that he knows. They are inevitable.
I had thought that it was left there by the movers negligence (or purposefully at Mistresses orders.) But the fact that Torrin took initiative to uncover the dildo in clear sight so it could stir in erotic thoughts (not that she wasn't already brimming with lust for him) is so hot! If he can plan this in the bedroom, imagine his skills as a commanding officer!