This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as accessible place.
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. U+267F offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “wheelchair symbol” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: access, handicap, symbol, wheelchair.
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:
The International Symbol of Access (ISA), also known as the International Wheelchair Symbol, denotes areas where access has been improved, mostly for those with disabilities. It consists of a usually blue square overlaid in white (or in contrasting colours) with a stylized image of a person in a wheelchair. It is maintained as the international standard ISO 7001, image of the International Commission on Technology and Accessibility (ICTA), a committee of Rehabilitation International (RI).