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+2423 forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
A whitespace character is a character data element that represents white space when text is
rendered for display by a computer.
For example, a space character (U+0020SPACE, ASCII 32) represents blank space such as a word divider in a Western script.
A printable character results in output when rendered,
but a whitespace character does not.
Instead, whitespace characters define the layout of text to a limited degree – interrupting the normal sequence of rendering characters next to each other.
The output of subsequent characters is typically shifted to the right (or to the left for right-to-left script) or to the start of the next line.
The effect of multiple sequential whitespace characters is cumulative such that the next printable character is rendered in a location based on the accumulated effect of preceding whitespace characters.
The term whitespace is rooting in the common practice of rendering text on white paper. Normally, a whitespace character is not rendered as white. It affects rendering, but it is not itself rendered.