This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as scissors in Rock, Paper and Scissors game.
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+270C prohibits a line break after it, if it’s followed by an emoji modifier.
The CLDR project calls this character “victory hand” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: hand, peace, v, victory.
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: ✌️ The character can be changed in appearance, if it is followed by an emoji modifier. See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
The V sign is a hand gesture in which the index and middle fingers are raised and parted to make a V shape while the other fingers are clenched. It has various meanings, depending on the circumstances and how it is presented.
When displayed with the palm inward toward the signer, it can be an offensive gesture in some Commonwealth nations (similar to showing the middle finger), dating back to at least 1900. When given with the palm outward, it is to be read as a victory sign ("V for Victory"); this usage was introduced in January 1941 as part of a campaign by the Allies of World War II, and made more widely known by Winston Churchill. During the Vietnam War, in the 1960s, the "V sign" with palm outward was widely adopted by the counterculture as a symbol of peace and still today in the United States and worldwide as the "peace sign".