This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as ferry boat terminal.
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+26F4 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “ferry” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: boat, passenger.
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 ferry is a boat that transports passengers, and occasionally vehicles and cargo, across a body of water. A small passenger ferry with multiple stops, like those in Venice, Italy, is sometimes referred to as a water taxi or water bus.
Ferries form a part of the public transport systems of many waterside cities and islands, allowing direct transit between points at a capital cost much lower than bridges or tunnels. Ship connections of much larger distances (such as over long distances in water bodies like the Mediterranean Sea) may also be called ferry services, and many carry vehicles.