This character is a Other Symbol and is commonly used, that is, in no specific script.
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+23E4 forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
Geometric dimensioning and tolerancing (GD&T) is a system for defining and communicating engineering tolerances via a symbolic language on engineering drawings and computer-generated 3D models that describes a physical object's nominal geometry and the permissible variation thereof. GD&T is used to define the nominal (theoretically perfect) geometry of parts and assemblies, the allowable variation in size, form, orientation, and location of individual features, and how features may vary in relation to one another such that a component is considered satisfactory for its intended use. Dimensional specifications define the nominal, as-modeled or as-intended geometry, while tolerance specifications define the allowable physical variation of individual features of a part or assembly.
There are several standards available worldwide that describe the symbols and define the rules used in GD&T. One such standard is American Society of Mechanical Engineers (ASME) Y14.5. This article is based on that standard. Other standards, such as those from the International Organization for Standardization (ISO) describe a different system which has some nuanced differences in its interpretation and rules (see GPS&V). The Y14.5 standard provides a fairly complete set of rules for GD&T in one document. The ISO standards, in comparison, typically only address a single topic at a time. There are separate standards that provide the details for each of the major symbols and topics below (e.g. position, flatness, profile, etc.). BS 8888 provides a self-contained document taking into account a lot of GPS&V standards.