Except the pine shavings, all the ingredients are edible and commonly found in a variety of foods we eat every day. How safe this toy is would mostly depend on how much of it she eats per day.
Cassava starch is starch from the root of cassava, a plant that is harmless once cooked. It’s a major staple in many parts of the world. It’s also called tapioca.
Propionic acid is a naturally occurring carboxylic acid (another, more common carboxylic acid is ethanoic acid, commonly called vinegar). Propionic acid is widely used as an antifungal agent in food. It’s safety has been tested on rats and rabbits and mice.
Potassium sorbate is an anti-fungal agent that occurs naturally in fruit and berries. It’s a preservative with the E-number E202. It’s often found in for example jam or skin lotions.
Sodium alginate is a natural gel made from brown algae. It’s used in many edible products such as ice cream.
Glycerol is a sugar alcohol, E 422. It’s a thickener and sweetener used in for example candy.
Propylene glycol is used in food to maintain moisture and flavor. It’s also used in skin products. It’s considered safe to consume.
There is sugar in the toy (honey) and it’s not healthy to consume lots of wood shavings every day, but if she eats it in smallish amounts, I think it’s fine. Its to be considered a treat.