This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as snowy weather.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+2603 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “snowman” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: cold, snow.
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:
A snowman is an anthropomorphic snow sculpture of a man often built in regions with sufficient snowfall and is a common winter tradition. In many places, typical snowmen consist of three large snowballs of different sizes with some additional accoutrements for facial and other features. Due to the sculptability of snow, there is also a wide variety of other styles. Common accessories include branches for arms and a smiley face made of stones, with a carrot used for a nose. Clothing, such as a hat or scarf, may be included.