This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as scrolling.
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. The word that U+21F3 forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
In computer displays, filmmaking, television production, and other kinetic displays, scrolling is sliding text, images or video across a monitor or display, vertically or horizontally. "Scrolling," as such, does not change the layout of the text or pictures but moves (pans or tilts) the user's view across what is apparently a larger image that is not wholly seen. A common television and movie special effect is to scroll credits, while leaving the background stationary. Scrolling may take place completely without user intervention (as in film credits) or, on an interactive device, be triggered by touchscreen or a keypress and continue without further intervention until a further user action, or be entirely controlled by input devices.
Scrolling may take place in discrete increments (perhaps one or a few lines of text at a time), or continuously (smooth scrolling). Frame rate is the speed at which an entire image is redisplayed. It is related to scrolling in that changes to text and image position can only happen as often as the image can be redisplayed. When frame rate is a limiting factor, one smooth scrolling technique is to blur images during movement that would otherwise appear to "jump".