What implications would there be between these two structures?
Name = PROPERTY in the sub-CATEGORY of Woman in the CATEGORY of People
and
Name = sub-PROPERTY of the PROPERTY of Woman in the CATEGORY of People
I am particularly interested in how structuring my data now will affect how I am able to do searches later using Semantic Forms, inline queries, concepts and compound queries etc
SMW largely removes the need for categories. However, categories are still very useful for administrative purposes. As for me, I normally use a category for each page type that uses a unique form. In your case that would translate to a category for people (assuming you have a specific form for people). For querying, it will make no difference.
(Copied svick's answer which seems complete enough.)
While https://www.semantic-mediawiki.org/wiki/Help:Special_property_Subproperty_of states in reference to "Subproperty of":
...a query for pages with the property should also return pages that have the subproperty
...there does not seem to be any equivalent "Category of" for Semantic Mediawiki or Mediawiki, so you may not be able to do nested searches of categories (e.g., if "bread" is a "food" category, a page listed under "bread" won't be found by a "food" category search unless under "food" also).
I recall some extension allowing this (though it was expensive), but I can't find it now. Scribunto does allow pagesInCategory and using the DynamicPageList extension, our site defined a module for listed out (as opposed to searching) categories within a category: https://me-pedia.org/index.php?title=Module:CategoryList , but there unfortunately seems to be no built in way to search through categories.
