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+23E6 forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
Alternating current (AC) is an electric current that periodically reverses direction and changes its magnitude continuously with time, in contrast to direct current (DC), which flows only in one direction. Alternating current is the form in which electric power is delivered to businesses and residences, and it is the form of electrical energy that consumers typically use when they plug kitchen appliances, televisions, fans and electric lamps into a wall socket. The abbreviations AC and DC are often used to mean simply alternating and direct, respectively, as when they modify current or voltage.
The usual waveform of alternating current in most electric power circuits is a sine wave, whose positive half-period corresponds with positive direction of the current and vice versa (the full period is called a cycle). In certain applications, like guitar amplifiers, different waveforms are used, such as triangular waves or square waves. Audio and radio signals carried on electrical wires are also examples of alternating current. These types of alternating current carry information such as sound (audio) or images (video) sometimes carried by modulation of an AC carrier signal. These currents typically alternate at higher frequencies than those used in power transmission.