This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as valentine.
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+2665 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 “heart suit” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: card, game.
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:
Hearts (♥, ) (French: Cœur, German: Herz) is one of the four playing card suits in a deck of French-suited and German-suited playing cards. However, the symbol is slightly different: is used in a French deck while is used in a German deck.
This suit was invented in 15th century Germany and is a survivor from a large pool of experimental suit signs created to replace the Latin suits. The French design was created around 1480 when French suits were invented and was a simplified version of the existing German suit symbol for hearts in a German-suited pack.
In Swiss-suited playing cards, the equivalent suit is Roses, typically with the following suit symbol: .