This character is a Math 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 mirrored. The word that U+299F forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
In Euclidean geometry, an angle is the figure formed by two rays, called the sides of the angle, sharing a common endpoint, called the vertex of the angle.
Angles formed by two rays are also known as plane angles as they lie in the plane that contains the rays. Angles are also formed by the intersection of two planes; these are called dihedral angles. Two intersecting curves may also define an angle, which is the angle of the rays lying tangent to the respective curves at their point of intersection.
The magnitude of an angle is called an angular measure or simply "angle". Angle of rotation is a measure conventionally defined as the ratio of a circular arc length to its radius, and may be a negative number. In the case of a geometric angle, the arc is centered at the vertex and delimited by the sides. In the case of a rotation, the arc is centered at the center of the rotation and delimited by any other point and its image by the rotation.