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+271D forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “latin cross” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: Christian, cross, religion.
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 Latin cross or crux immissa is a type of cross in which the vertical beam sticks above the crossbeam, with the three upper arms either equally long or with the vertical topmost arm shorter than the two horizontal arms, and always with a much longer bottom arm.
If displayed upside down it is called St. Peter's Cross, because he was executed on this type of cross. When displayed sideways it is called St. Philip's cross for the same reason.
Many medieval churches are designed using the Latin cross plan. When looked at from above, it takes the shape of a Latin cross. A Latin cross plan primarily contains a nave, transept, apse, and narthex.