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+264C forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “Leo” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: lion, 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:
Leo (♌︎) (Ancient Greek: Λέων, romanized: Léōn, Latin for "lion") is the fifth sign of the zodiac. It corresponds to the constellation Leo and comes after Cancer and before Virgo. The traditional Western zodiac associates Leo with the period between about July 23 and August 22, and the sign spans the 120th to 150th degree of celestial longitude.
Leo is associated with fire, accompanied by Aries and Sagittarius, and its modality is fixed. The constellation Leo is associated with the mythological Nemean lion. The lion is a very important and prominent symbol in Greek mythology.