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+265F forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “chess pawn” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: chess, dupe, expendable, pawn.
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 pawn (♙, ♟) is the most numerous and weakest piece in the game of chess. It may move one square directly forward, it may move two squares directly forward on its first move, and it may capture one square diagonally forward. Each player begins a game with eight pawns, one on each square of their second rank. The white pawns start on a2 through h2; the black pawns start on a7 through h7.
Individual pawns are referred to by the file on which they stand. For example, one speaks of "White's f-pawn" or "Black's b-pawn". Alternatively, they can be referred to by the piece which stood on that file at the beginning of the game, e.g. "White's king bishop's pawn" or "Black's queen knight's pawn". It is also common to refer to a rook's pawn, meaning any pawn on the a- or h-files, a knight's pawn (on the b- or g-files), a bishop's pawn (on the c- or f-files), a queen's pawn (on the d-file), a king's pawn (on the e-file), and a central pawn (on the d- or e-files).
The pawn historically represents soldiers or infantry, or more particularly, armed peasants or pikemen.