The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it is written from left to right. When changing direction it is not mirrored. The word that U+0271 forms with similar adjacent characters prevents a line break inside it. The glyph can be confused with one other glyph.
The Wikipedia has the following information about this codepoint:
The letter Ɱ (minuscule: ɱ), called M with hook, meng, or emg, is a letter based on the letter M. Its minuscule ɱ is used to transcribe a voiced labiodental nasal in the International Phonetic Alphabet.
In Americanist phonetic transcription, the lowercase ɱ is used for transcribing a voiced labiodental nasal stop and the uppercase Ɱ for a voiceless labiodental nasal stop.
The majuscule and the minuscule are located at U+2C6E and U+0271 in Unicode, respectively.