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+1F4FF offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “prayer beads” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: beads, clothing, necklace, prayer, religion.
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:
Prayer beads are a form of beadwork used to count the repetitions of prayers, chants, or mantras by members of various religions such as Hinduism, Buddhism, Shinto, Umbanda, Islam, Sikhism, the Baháʼí Faith, and some Christian denominations, such as the Roman Catholic Church, the Lutheran Church, the Oriental Orthodox Churches, and the Eastern Orthodox Churches. Common forms of beaded devotion include the mequteria in Oriental Orthodox Christianity, the chotki or komposkini or prayer rope in Eastern Orthodox Christianity, the Wreath of Christ in Lutheran Christianity, the Dominican rosary of the Blessed Virgin Mary in Roman Catholic Christianity, the dhikr (remembrance of God) in Islam, the japamala in Buddhism and Hinduism, and the Jaap Sahib in Sikhism.