This character is a Other 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 not mirrored. U+1F579 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “joystick” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: game, video, videogame.
This character is designated as an emoji. It will be rendered as monochrome character on conforming platforms. To enable colorful emoji display, you can combine it with Variation Selector-16: 🕹️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A joystick, sometimes called a flight stick, is an input device consisting of a stick that pivots on a base and reports its angle or direction to the device it is controlling. Also known as the control column, it is the principal control device in the cockpit of many civilian and military aircraft, either as a centre stick or side-stick. It has various switches to control functions of the aircraft controlled by the Pilot and First Officer of the flight.
Joysticks are often used to control video games, and usually have push-buttons whose state can be read by the computer. A popular variation of the joystick used on modern video game consoles is the analog stick. Joysticks are also used for controlling machines such as cranes, trucks, underwater unmanned vehicles, wheelchairs, surveillance cameras, and zero turning radius lawn mowers. Miniature finger-operated joysticks have been adopted as input devices for smaller electronic equipment such as mobile phones.