The bonnet style dates this figurine at after 1915. To my knowledge, the Jocks were never issued braces.

Having said that, the braces detail is exactly right as they were issued in the First War and, aside from the boots and belt, the colours are right (note the "Angola" shirt).

I'd say these are "sentimental" souvenirs ("to remember", in other words) painted for the specific regimental markets in which they were to be sold. Some would be kilted and the kilt painted appropriately, some would wear the Glengarry and some the bonnet. The common thread would be the braces and the boots. There should still be a few of these around.