This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as film clip.
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+1F39E offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “film frames” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: cinema, film, frames, movie.
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 film – also called a movie, motion picture, moving picture, picture, photoplay or (slang) flick – is a work of visual art that simulates experiences and otherwise communicates ideas, stories, perceptions, feelings, beauty, or atmosphere through the use of moving images. These images are generally accompanied by sound and, more rarely, other sensory stimulations. The word "cinema", short for cinematography, is often used to refer to filmmaking and the film industry, and the art form that is the result of it.