This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as mining and working day (in timetables).
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. The word that U+2692 forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “hammer and pick” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: hammer, pick, tool.
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:
The hammer and pick, rarely referred to as hammer and chisel, is a symbol of mining, often used in heraldry. It can indicate mining, mines (especially on maps or in cartography), or miners, and is also borne as a charge in the coats of arms of mining towns.
The symbol represents the traditional tools of the miner, a hammer and a chisel on a handle, similar to a pickaxe, but with one blunt end. They are pictured in the way a right-handed worker would lay them down: the pick with the point to the right and the handle to the lower left, the hammer with the handle to the lower right and the head to the upper left. The handle of the pick protrudes over the head, because the head is not permanently fixed, but can be swapped for a newly sharpened head when it is blunt from use. In coats of arms the symbol is often shown in black (Johanngeorgenstadt, Hövels), but also in natural colours (Telnice) or in gold or silver (Abertamy, Bodenwöhr, Gelsenkirchen).