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+1F4D1 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “bookmark tabs” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: bookmark, mark, marker, tabs.
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 bookmark is a thin marking tool, commonly made of card, leather, or fabric, used to keep track of a reader's progress in a book and allow the reader to easily return to where the previous reading session ended. Alternate materials for bookmarks are paper, metals like silver and brass, silk, wood, cord (sewing), and plastic. Some books may have one or more bookmarks made of woven ribbon sewn into the binding. Furthermore, other bookmarks incorporate a page-flap that enables them to be clipped on a page.