This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as under construction.
The glyph is not a composition. Its width in East Asian texts is determined by its context. It can be displayed wide or narrow. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+26CF offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “pick” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: hammer, mining, tool.
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:
A pickaxe, pick-axe, or pick is a generally T-shaped hand tool used for prying. Its head is typically metal, attached perpendicularly to a longer handle, traditionally made of wood, occasionally metal, and increasingly fiberglass.
A standard pickaxe, similar to a "pick mattock", has a pointed end on one side of its head and a broad flat "axe" blade opposite. A gradual curve characteristically spans the length of the head. The next most common configuration features two spikes, one slightly longer than the other.
The pointed end is used both for breaking and prying, the axe for hoeing, skimming, and chopping through roots.
Developed as agricultural tools in prehistoric times, picks have evolved into other tools such as the plough and the mattock. They also have been used in general construction and mining, and adapted to warfare.