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+2650 forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “Sagittarius” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: archer, horoscope, 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:
Sagittarius (♐︎) (Greek: Τοξότης, romanized: Toxótēs, Latin for "archer") is the ninth astrological sign, which is associated with the constellation Sagittarius and spans 240–270th degrees of the zodiac. Under the tropical zodiac, the sun transits this sign between approximately November 22 and December 21. Greek mythology associates Sagittarius with the centaur Chiron, who mentored Achilles, a Greek hero of the Trojan War, in archery.
Sagittarius, the half human and half horse, is the centaur of mythology, the learned healer whose higher intelligence forms a bridge between Earth and Heaven. Also known as the Archer, Sagittarius is represented by the symbol of a bow and arrow.