You’re right, it is from the Upper Palaeolithic!
The Upper Palaeolithic was a time when people were hunters and gatherers. They lived in caves, rock shelters or open air camps. They hunted animals with spears and gathered leaves, nuts, berries and roots for food. Other than that, they were just like us.
They also spent a lot of time making beautiful objects from bone, stone, antler and sometimes even mammoth ivory. Here is another object from the cave at Mas d’Azil, the head of a horse neighing. We don’t know whether it was part of a useful object.