This character is a Math Symbol and is commonly used, that is, in no specific script. The character is also known as with (in chess notation).
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 mirrored into Reversed Right Angle. If its East Asian Width is “narrow”, U+221F 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 CLDR project calls this character “right angle” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: mathematics.
The Wikipedia has the following information about this codepoint:
In geometry and trigonometry, a right angle is an angle of exactly 90 degrees or /2 radians corresponding to a quarter turn. If a ray is placed so that its endpoint is on a line and the adjacent angles are equal, then they are right angles. The term is a calque of Latin angulus rectus; here rectus means "upright", referring to the vertical perpendicular to a horizontal base line.
Closely related and important geometrical concepts are perpendicular lines, meaning lines that form right angles at their point of intersection, and orthogonality, which is the property of forming right angles, usually applied to vectors. The presence of a right angle in a triangle is the defining factor for right triangles, making the right angle basic to trigonometry.