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: cooking, hocho, 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 kitchen knife is any knife that is intended to be used in food preparation. While much of this work can be accomplished with a few general-purpose knives – notably a large chef's knife, a tough cleaver, a small paring knife and some sort of serrated blade (such as a bread knife or serrated utility knife) – there are also many specialized knives that are designed for specific tasks. Kitchen knives can be made from several different materials.