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+2407 forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
A bell character (sometimes bell code) is a device control code originally sent to ring a small electromechanical bell on tickers and other teleprinters and teletypewriters to alert operators at the other end of the line, often of an incoming message. Though tickers punched the bell codes into their tapes, printers generally do not print a character when the bell code is received. Bell codes are usually represented by the label "BEL". They have been used since 1870 (initially in the Baudot code).
To maintain backward compatibility, video display terminals (VDTs) that replaced teletypewriters included speakers or buzzers to perform the same function, as did the personal computers that followed. Modern terminal emulators often integrate the warnings to the desktop environment (e.g., the macOS Terminal will play the system warning sound) and also often offer a silent visual bell feature that flashes the terminal window briefly.