This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its width in East Asian texts is determined by its context. It can be displayed wide or narrow. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. If its East Asian Width is “narrow”, U+2195 forms a word with similar characters, which prevents a line break inside it. Otherwise it allows line breaks around it, except in some numeric contexts. The glyph can be confused with one other glyph.
The CLDR project calls this character “up-down arrow” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: arrow.
This character is designated as an emoji. It will be rendered as monochrome character on conforming platforms. To enable colorful emoji display, you can combine it with Variation Selector-16: ↕️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
Vertical is a geometric term of location which may refer to:
Vertical direction, the direction aligned with the direction of the force of gravity, up or down
Vertical (angles), a pair of angles opposite each other, formed by two intersecting straight lines that form an "X"
Vertical (music), a musical interval where the two notes sound simultaneously
"Vertical", a type of wine tasting in which different vintages of the same wine type from the same winery are tasted
Vertical Aerospace, stylised as "Vertical", British aerospace manufacturer
Vertical kilometer, a discipline of skyrunning
Vertical market, a market in which vendors offer goods and services specific to an industry
Vertical integration, a management term describing a style of ownership and control