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
A Fool There Was (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
A Fool There Was (1915). In movies during this era you'll see many references to "vamps" and "vamping." In
Charles Chaplin's
The Kid (1921), during a dream sequence, the devil appears to a female angel and commands her to "vamp" the male angel.