This character is a Other Symbol and is commonly used, that is, in no specific script.
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+1F4DE offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “telephone receiver” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: phone, receiver, telephone.
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:
A handset is a component of a telephone that a user holds to the ear and mouth to receive audio through the receiver and speak to the remote party using the built-in transmitter. In earlier telephones, the transmitter was mounted directly on the telephone itself, which was attached to a wall at a convenient height or placed on a desk or table. Until the advent of the cordless telephone, the handset was usually wired to the base unit, typically by a flexible tinsel wire cord.
The handset of a cordless telephone contains a radio transceiver which relays communication via a base station that is wired to the telephone line. A mobile phone does not require a base station and communicates directly with a cell site in designated frequency bands.