This character is a Other Letter and is mainly used in the Runic script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it is written from left to right. When changing direction it is not mirrored. The word that U+16E5 forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
Anglo-Saxon runes or Anglo-Frisian runes are runes that were used by the Anglo-Saxons and Medieval Frisians (collectively called Anglo-Frisians) as an alphabet in their native writing system, recording both Old English and Old Frisian (Old English: rūna, ᚱᚢᚾᚪ, "rune"). Today, the characters are known collectively as the futhorc (ᚠᚢᚦᚩᚱᚳ, fuþorc) from the sound values of the first six runes. The futhorc was a development from the older co-Germanic 24-character runic alphabet, known today as Elder Futhark, expanding to 28 characters in its older form and up to 34 characters in its younger form. In contemporary Scandinavia, the Elder Futhark developed into a shorter 16-character alphabet, today simply called Younger Futhark.
Use of the Anglo-Frisian runes is likely to have started in the 5th century onward and they continued to see use into the High Middle Ages. They were later accompanied and eventually overtaken by the Old English Latin alphabet introduced to Anglo-Saxon England by missionaries. Futhorc runes were no longer in common use by the eleventh century, but MS Oxford St John's College 17 indicates that fairly accurate understanding of them persisted into at least the twelfth century.