Does it mean anything if a woman takes off a wedding ring or relationship bracelet and starts playing with it?

In my case, she has a bracelet with the guy's name on it that she will take off sometimes. She'll twist it around, toss it around and sometimes she won't catch it and it'll land on the floor and she won't pick it up for a pretty long time (hours).

Is she subconciously telling me that she's taken? Or could she maybe be attracted and conflicted with herself?

I know we can never really know what's going on in a woman's mind, but just give me your best guess.

And for context, this is usually when we're watching Netflix on the couch. Also while I'm wearing 2 "drops" of NAG.

trust your gut and instincts... you already know the answer

Does she wear other jewellery, and if so, does she play around with that the same way? If so, she's showing signs of nervousness or boredom. If not, she's having conflicting thoughts about her current partner.
Why not just ask her if she's comfortable owning the ring? She won't answer you with words, but her body language will probably speak volumes.

talk about dropping a hit.

Women seldom take a posture or display a part of themselves without fully knowing what they are doing. However, idle fidgeting with accoutrements can be an unconscious thing (as per boredom or just being internally hyper, as mentioned above). This is why fidget spinners are a thing.

Likewise, it might also be that she associates the bracelet (in your example) with her S.O. and whatever she is feeling makes her think of him. Exactly what those thoughts are, and what she is feeling is up to you to translate through her actions and non-verbal cues. A person's thoughts, feelings, and moods are seldom relayed through what they say; it is the meaning behind the words, the actions they take, and the non-verbal communication that should be given weight.

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Edited to add:
Now if you're the ballsy type, and can communicate with ladies on their own level in their own manner, you could always make a good joke about it and see what happens...

"Since you just cast 'Bob' to the floor, are you hinting that you want me on your body instead of his bracelet?"

Of course, you need to be able to do this in such a way that she perceives it as an innocent jibe, in no way is demeaning to 'Bob', and that you really don't care if she wants that or not; you're just trying to be funny. That will allow all of her internalized thoughts, feelings, hopes, and desires to come to the surface a bit and her reaction to that will let you know.