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+1F4A7 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “droplet” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: cold, comic, drop, nature, sad, sweat, tear, water, weather.
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.
On Youtube this character is sometimes wrongly displayed as U0001f4a7.
The Wikipedia has the following information about this codepoint:
A drop or droplet is a small column of liquid, bounded completely or almost completely by free surfaces. A drop may form when liquid accumulates at the end of a tube or other surface boundary, producing a hanging drop called a pendant drop. Drops may also be formed by the condensation of a vapor or by atomization of a larger mass of solid. Water vapor will condense into droplets depending on the temperature. The temperature at which droplets form is called the dew point.