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+26CE forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “Ophiuchus” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: bearer, serpent, snake, 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:
Ophiuchus (; Ancient Greek: Ὀφιοῦχος, lit. 'Serpent-bearer'; astrological symbol ⛎) has sometimes been suggested in sidereal astrology as a 13th astrological sign in addition to the 12 signs of the tropical zodiac. The constellation Ophiuchus, as defined by the 1930 International Astronomical Union's constellation boundaries, is situated behind the Sun from November 29 to December 18.
The idea appears to have originated in 1970 with Steven Schmidt's suggestion of a 14-sign zodiac, also including Cetus as a sign. A 13-sign zodiac has been promulgated by Walter Berg and by Mark Yazaki in 1995, a suggestion that achieved some popularity in Japan, where Ophiuchus is known as Hebitsukai-za (蛇遣座, "The Serpent Bearer").
However, in sidereal and tropical astrology (including sun sign astrology), a 12-sign zodiac is based on dividing the ecliptic into 12 equal parts rather than the IAU constellation boundaries. That is, astrological signs do not correspond to the constellations which are their namesakes, particularly not in the case of the tropical system where the divisions are fixed relative to the equinox, moving relative to the constellations.