This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. The word that U+264E 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 “Libra” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: balance, justice, scales, zodiac.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: ♎︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
Libra (♎︎) (Ancient Greek: Ζυγός, romanized: Zygós, Latin for "scales") is the seventh astrological sign in the zodiac. It spans 180°–210° celestial longitude. The Sun transits this sign on average between September 23 and October 23. The symbol of the scales is based on the Scales of Justice held by Themis, the Greek personification of divine law and custom. She became the inspiration for modern depictions of Lady Justice. The ruling planet of Libra is Venus along with Taurus. Libra is the only zodiac sign that is represented by an object; with the other eleven signs represented by either an animal or mythological character.