This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as movies.
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+1F4FD offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “film projector” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: cinema, film, movie, projector, video.
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 movie projector (or film projector) is an opto-mechanical device for displaying motion picture film by projecting it onto a screen. Most of the optical and mechanical elements, except for the illumination and sound devices, are present in movie cameras. Modern movie projectors are specially built video projectors (see also digital cinema).
Many projectors are specific to a particular film gauge and not all movie projectors are film projectors since the use of film is required.