This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as portable hole.
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+1F573 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “hole” for use in screen reading software.
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 Glyph for U+FE0FVariation Selector-16: 🕳️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A hole is an opening in or through a particular medium, usually a solid body. Holes occur through natural and artificial processes, and may be useful for various purposes, or may represent a problem needing to be addressed in many fields of engineering. Depending on the material and the placement, a hole may be an indentation in a surface (such as a hole in the ground), or may pass completely through that surface (such as a hole created by a hole puncher in a piece of paper).