This is not an image of Satan or the Devil this is a depiction of a created deity as visualised by Elphias Levi.
Lévi considered the Baphomet to be a depiction of the absolute in symbolic form and explicated in detail his symbolism in the drawing that served as the frontispiece:
"The goat on the frontispiece carries the sign of the pentagram on the forehead, with one point at the top, a symbol of light, his two hands forming the sign of hermetism, the one pointing up to the white moon of Chesed, the other pointing down to the black one of Geburah. This sign expresses the perfect harmony of mercy with justice. His one arm is female, the other male like the ones of the androgyn of Khunrath, the attributes of which we had to unite with those of our goat because he is one and the same symbol. The flame of intelligence shining between his horns is the magic light of the universal balance, the image of the soul elevated above matter, as the flame, whilst being tied to matter, shines above it. The beast's head expresses the horror of the sinner, whose materially acting, solely responsible part has to bear the punishment exclusively; because the soul is insensitive according to its nature and can only suffer when it materializes. The rod standing instead of genitals symbolizes eternal life, the body covered with scales the water, the semi-circle above it the atmosphere, the feathers following above the volatile. Humanity is represented by the two breasts and the androgyn arms of this sphinx of the occult sciences."
Any confusion or misunderstanding of the symbolism here with the created satan has been created by more modern culture and also from the Ryder Waite Tarot in paticular where the card of the Devil has a very similar image.
To the initiated the card of the devil is more understood to represent the guardian of material and dualistic affairs.
