This character is a Math 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+2225 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 “parallel” for use in screen reading software.
The Wikipedia has the following information about this codepoint:
In geometry, parallel lines are coplanar infinite straight lines that do not intersect at any point. Parallel planes are planes in the same three-dimensional space that never meet. Parallel curves are curves that do not touch each other or intersect and keep a fixed minimum distance. In three-dimensional Euclidean space, a line and a plane that do not share a point are also said to be parallel. However, two noncoplanar lines are called skew lines. Line segments and Euclidean vectors are parallel if they have the same direction (not necessarily the same length).
Parallel lines are the subject of Euclid's parallel postulate. Parallelism is primarily a property of affine geometries and Euclidean geometry is a special instance of this type of geometry.
In some other geometries, such as hyperbolic geometry, lines can have analogous properties that are referred to as parallelism.