This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as links.
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+1F587 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “linked paperclips” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: link, paperclip.
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 paper clip (or paperclip) is a tool used to hold sheets of paper together, usually made of steel wire bent to a looped shape (though some are covered in plastic). Most paper clips are variations of the Gem type introduced in the 1890s or earlier, characterized by the one and a half loops made by the wire. Common to paper clips proper is their utilization of torsion and elasticity in the wire, and friction between wire and paper. When a moderate number of sheets are inserted between the two "tongues" of the clip, the tongues will be forced apart and cause torsion in the bend of the wire to grip the sheets together. They are usually used to bind papers together for productivity and portability.
The paper clip's widespread use in various settings, from offices to educational institutions, underscores its functional design and adaptability. While primarily designed for binding papers, its versatility has led to a range of applications, both practical and creative.