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+1FA70 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “ballet shoes” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: ballet, dance, shoes.
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:
A ballet shoe, or ballet slipper, is a lightweight shoe designed specifically for ballet dancing. It may be made from soft leather, canvas, or satin, and has flexible, thin full or split soles. Traditionally, women wear pink shoes and men wear white or black shoes. Skin-colored slippers—which are unobtrusive and thus give the appearance of dancing barefoot—are worn in modern ballets and sometimes modern dancing by both men and women.
Typically, in a ballet class, male dancers wear ballet slippers throughout the class whereas female dancers wear ballet slippers at the beginning and then may change into pointe shoes.