First, the speaker describes that a “shattered visage” lies “half-sunk” in the desert.
The “shattered visage” represents the fragments that are left over from the Pharaoh's times.
Since this massive statue is somewhat buried beneath the sand, it suggests that this once mighty figurehead now holds little to no power in today’s times.
Then, the speaker mentions the “hand that mocked them” in order to give insight to the meaning behind the statue.
The hand synecdoches the sculptor.
His work of imitation mocks Ozymandias’ engraving on the base.
Essentially, the pharaoh is so superior compared to others that they might