Heck, Im surprised shes alive at all, at least as far I remember she died, so I wouldn't be surprised if this is a clone or something and its hiding something under the eye patch.
That kind of eyepatch looks temporary. It's not something someone with a permanent injury would wear. She's hiding something, or she's healing it. Either way, the eyepatch is definitely something I would consider a development and not just flair like Sagat's eyepatch. Something is up.
I think KoF XII is technically a "dream match", so I don't think it means she's necessarily alive. I have no idea why she has an eye patch, but maybe we'll find out.