This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F4BF offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “optical disk” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: blu-ray, CD, computer, disk, dvd, optical.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: 💿︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
An optical disc is a flat, usually disc-shaped object that stores information in the form of physical variations on its surface that can be read with the aid of a beam of light. Optical discs can be reflective, where the light source and detector are on the same side of the disc, or transmissive, where light shines through the disc to be detected on the other side.
Optical discs can store analog information (e.g. Laserdisc), digital information (e.g. DVD), or store both on the same disc (e.g. CD Video).
Their main uses are the distribution of media and data, and long-term archival.