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. The word that U+1F534 forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “red circle” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: circle, geometric, red.
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 Glyph for U+FE0EVariation Selector-15: 🔴︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
Red Circle may refer to:
Red Circle (law firms), a group of elite Chinese law firms
Red Circle (publishing), Martin Goodman's group of pulp magazine publishing corporations
Red Circle (typeface) a typeface based on the c. 1930 packaging of A&P coffees
Red Circle Coffee, a brand sold by the American grocery chain A&P
Red Circle Comics, now Dark Circle Comics, an Archie Comics imprint
The Red Circle (serial), a 1915 American silent film serial
Le Cercle Rouge (lit. The Red Circle), a 1970 French crime film