This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its width in East Asian texts is determined by its context. It can be displayed wide or narrow. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. If its East Asian Width is “narrow”, U+2196 forms a word with similar characters, which prevents a line break inside it. Otherwise it allows line breaks around it, except in some numeric contexts.
The CLDR project calls this character “up-left arrow” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: arrow, direction, intercardinal, northwest.
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:
An arrow is a graphical symbol, such as ← or →, or a pictogram, used to point or indicate direction. In its simplest form, an arrow is a triangle, chevron, or concave kite, usually
affixed to a line segment or rectangle, and in more complex forms a representation of an actual arrow (e.g. ➵ U+27B5). The direction indicated by an arrow is the one along the length of the line or rectangle toward the single pointed end.