This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as Scorpio, minim and drop.
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+264F forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “Scorpio” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: horoscope, scorpion, Scorpius, 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:
Scorpio (♏︎) (Ancient Greek: Σκορπιός, romanized: Skorpiós, Latin for "scorpion") is the eighth astrological sign in the zodiac, originating from the constellation of Scorpius. It spans 210–240° ecliptic longitude. Under the tropical zodiac (most commonly used in Western astrology), the Sun transits this sign on average from October 23 to November 21. Depending on which zodiac system one uses, someone born under the influence of Scorpio may be called a Scorpio or a Scorpionic.