It's a hermaphrodite because it symbolically combines both particles of material principes that need to be re-united in spirit through mutual alchemy between the male and female.
The dark wings symbolize the fall into matter, and disconnection from the "eternal monad", creation in diversity in separation from the whole.
The torch of illumination is akin to wisdom (Head of Wisdom, al-Fihamat) as if "guiding the herd towards illumination or freedom" by a master or mistress. Baphomet here plays a role of a mediator, negotiator, that stays to release, guides to show the lamp, and liberate. A token.
Goat is a sacrificial animal, and thus the "Head of Wisdom" is sacrificed for the common good, sublation, as in alchemical Pelican's blood is a feast for it's children.
The pentagram is a symbol of the Spirit and of liberation, a star as in Egypt is a symbol of spirit and ascent.
It also has a lot to do with the "government over Earth" or the sub-lunary spheres, as in an apotheosis of a perfect judge, between solve (mercy) and coagula (judgment).
As to the Left Hand Path. Females are more ambivalent with the chtonic-lunar side, birth-giving factor, lunation, menstruation cycles, yet that is not a definite. That is mere theory, as within order, conqueress move above the Seven Spheres.