This character is a Other Letter and is mainly used in the Hebrew script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it is written from right to left. When changing direction it is not mirrored. This letter joins with other adjacent letters and numbers to form a word. The word that U+05D1 forms with similar adjacent characters and the hyphen prevents a line break inside it. The glyph can be confused with one other glyph.
The Wikipedia has the following information about this codepoint:
Bet, Beth, Beh, or Vet is the second letter of the Semitic abjads, including Phoenician bēt 𐤁 , Hebrew bēt ב, Aramaic bēṯ 𐡁, Syriac bēṯ ܒ, and Arabic bāʾ ب. Its sound value is the voiced bilabial stop ⟨b⟩ or the voiced labiodental fricative ⟨v⟩.
The letter's name means "house" in various Semitic languages (Arabic bayt, Akkadian bītu, bētu, Hebrew: bayīṯ, Phoenician bēt etc.; ultimately all from Proto-Semitic *bayt-), and appears to derive from an Egyptian hieroglyph of a house by acrophony.
The Phoenician letter gave rise to, among others, the Greek beta (Β, β), Latin B (B, b) and Cyrillic Be (Б, б) and Ve (В, в).