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+1F4BD offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “computer disk” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: computer, disk, minidisk, optical.
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:
MiniDisc (MD) is an erasable magneto-optical disc-based data storage format offering a capacity of 60, 74, and later, 80 minutes of digitized audio.
Sony announced the MiniDisc in September 1992 and released it in November of that year for sale in Japan and in December in Europe, North America, and other countries. The music format was based on ATRAC audio data compression, Sony's own proprietary compression code. Its successor, Hi-MD, would later introduce the option of linear PCM digital recording to meet audio quality comparable to that of a compact disc. MiniDiscs were very popular in Japan and found moderate success in Europe. Although it was designed to succeed the cassette tape, it did not manage to supplant it globally.
By March 2011 Sony had sold 22 million MD players, but halted further development. Sony ceased manufacturing and sold the last of the players by March 2013.