This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as running dash and briffits.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F4A8 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “dashing away” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: away, cloud, comic, dash, dashing, fart, fast, go, gone, gotta, running, smoke.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: 💨︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
The Lexicon of Comicana is a 1980 book by the American cartoonist Mort Walker. It was intended as a tongue-in-cheek look at the devices used by comics cartoonists. In it, Walker invented an international set of symbols called symbolia after researching cartoons around the world (described by the term comicana). In 1964, Walker had written an article called "Let's Get Down to Grawlixes", a satirical piece for the National Cartoonists Society. He used terms such as grawlixes for his own amusement, but they soon began to catch on and acquired an unexpected validity. The Lexicon was written in response to this.
The names he invented for them sometimes appear in dictionaries, and serve as convenient terminology occasionally used by cartoonists and critics. A 2001 gallery showing of comic- and street-influenced art in San Francisco, for example, was called "Plewds! Squeans! and Spurls!"