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+2638 forms with similar adjacent characters prevents a line break inside it. The glyph can be confused with one other glyph.
The CLDR project calls this character “wheel of dharma” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: Buddhist, dharma, religion, wheel.
This character is designated as an emoji. It will be rendered as monochrome character on conforming platforms. To enable colorful emoji display, you can combine it with Variation Selector-16: ☸️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
The dharmachakra (Pali: dhammacakka, Devanagari: धर्मचक्र) or wheel of dharma is a widespread symbol used in Buddhism. The symbol also finds usage in Hinduism, particularly in places that underwent religious transformation, and in Jainism and in modern India.
Historically, the dharmachakra was often used as a decoration in East Asian statues and inscriptions, beginning with the earliest period of East Asian culture to the present. It remains a major symbol of the Buddhist religion today.