A useful metaphor is provided here by the Dead Marshes - a location from The Lord of the Rings. The protagonists see perfectly preserved bodies of people who fought and died in a great battle a long long time ago. This is what it looks like from the outside. After falling into the water, it turns out that there are no bodies there, only green ghostly phantoms.
The preserved image of the victims of the battle points to the topics of memory and history. However, it is impossible to talk about a true, objective history. Taking into account every moment in the life of all people from a given period is impossible. Therefore, when we bring about the subject, we irreversibly end up with an image of history.
Pinocchio is a picture of history that protrudes from under the water. It interferes with our reality through his nose and a single fingernail. In addition to the agent operating from under the water, there is a second agent hidden in the object - a magician who performs a trick of sawing a woman in half. The magician manipulates not only the image of history, which is visible from outside, but also its ghostly, underwater roots.