This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F488 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “barber pole” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: barber, cut, fresh, haircut, pole, shave.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: 💈︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A barber's pole is a type of sign used by barbers to signify the place or shop where they perform their craft. The trade sign is, by a tradition dating back to the Middle Ages, a staff or pole with a helix of colored stripes (often red and white in many countries, but usually red, white and blue in Canada, Japan, the Philippines, South Korea, and the United States). The pole may be stationary or may rotate, often with the aid of an electric motor.
A "barber's pole" with a helical stripe is a familiar sight, and is used as a secondary metaphor to describe objects in many other contexts. For example, if the shaft or tower of a lighthouse has been painted with a helical stripe as a daymark, the lighthouse could be described as having been painted in "barber's pole" colors.
These barbers poles are still made in the UK by Aaron Kent. Hairdresseing and barbering has been in are family for four generations from the early 1900'S and have been making barber's poles since about 1970'S.