This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as Japanese kitchen knife.
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+1F52A offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “kitchen knife” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: chef, cooking, hocho, kitchen, knife, tool, weapon.
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 Japanese kitchen knife is a type of kitchen knife used for food preparation. These knives come in many different varieties and are often made using traditional Japanese blacksmithing techniques. They can be made from stainless steel, or hagane, which is the same kind of steel used to make Japanese swords. Most knives are referred to as hōchō (Japanese: 包丁/庖丁) or the variation -bōchō in compound words (because of rendaku) but can have other names including -kiri (〜切り, lit. "-cutter"). There are four general categories used to distinguish the Japanese knife designs: handle (Western vs. Japanese), blade grind (single bevel vs. double bevel), steel (stainless vs. carbon), and construction (laminated vs. monosteel).