The color terra cotta is something like this:
http://www.buygifttissue.com/images/Terra_Cotta.gif
which doesn't look at all pink to me. There are variations depending on
the clay used, but I've not seen any that run to pink.
When I search google images for "pink terra cotta," I get only a couple
of dozen hits with no consistent color.
The quintessential terra cotta is used to make flower pots, like this:
http://www.westvanflorist.com/image.php?productid=19397
If you've ever touched one of those, you know they're not glazed, not
very dense, a little bit porous. They can be painted or glazed, which
would of course change the color. Glazing would make them harder and
smoother, assuming the usual meaning of glazing, which involves
kiln-baking. Paint would absorb into the clay.
I think I'm not going to be able to tell from here what your statue is
made of. But if paint stripper is doing the job without damage, then
strip away.
bill