Translation:The statue which the sculptor has made is beautiful.
Hew chenmoHwI' is indeed the subject of chenmoHta' "has made".
The subject of 'IH, on the other hand, is the relative clause Hew'e' chenmoHta'bogh Hew chenmoHwI' "the statue which the sculptor has made".
(You can tell that it's the object of that relative clause which is being "extracted" here because of the -'e' on Hew'e'. If it had said Hew chenmoHta'bogh Hew chenmoHwI''e', it would have been "the sculptor who has made the statue" -- then it would be the subject of the relative clause which is being "extracted" from the relative clause and used in the outer clause.)
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