Well I guess that confirms New Annabelle is NOT OG Annabelle, seeing as there's no way she could look the same 40 years later. That also puts OG Annabelle's birthdate in the early 1960s, meaning she would've been around 40 when she died, and around 60 if she were still alive.
Also, it could just be the lighting/old photo, but her hair color looks different.
EDIT: I guess it doesn't totally CONFIRM it, unless we get into some weird sci-fi fuckery like holding people in stasis + memory wipes, or perhaps time travel or cloning. I kind of hope it doesn't go in that direction though.