It, among other items there, is an editor model. It can be assumed that it was used to show the devs where the holy sites were.
Here's a list of them as named in the graphics.big. Their names are indicative of what they represent.
MESH_OBJECT_HOLY_START
MESH_OBJECT_POINTER
MESH_MARKER_01
MESH_MARKER_ARROW
MESH_MARKER_CAMERA
MESH_MARKER_CREATURE
MESH_MARKER_NAVIGATION
MESH_MARKER_SWITCH
MESH_MARKER_VILLAGE
MESH_MARKER_REGION_ENTRANCE
MESH_MARKER_REGION_EXIT
Side note: BayStone used at least some of these for his 3D editor, ChocolateBox.