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. The word that U+264B forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “Cancer” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: crab, zodiac.
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:
Cancer (♋︎) (Greek: Καρκίνος, romanized: Karkínos, Latin for the "Crab") is the fourth astrological sign in the zodiac, originating from the constellation of Cancer. It spans from 90° to 120° celestial longitude. Under the tropical zodiac, the Sun transits this area between approximately June 22 and July 22.
In astrology, Cancer is the cardinal sign of the Water trigon, which is made up of Cancer, Pisces, and Scorpio. It is one of the six negative signs, and its ruling planet is the Moon. Though some depictions of Cancer feature a lobster or crayfish, the sign is most often represented by the crab, based on the Karkinos. Cancer's opposite sign is Capricorn.