This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as nautical term and harbor (on maps).
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+2693 forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “anchor” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: ship, tool.
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:
An anchor is a device, normally made of metal, used to secure a vessel to the bed of a body of water to prevent the craft from drifting due to wind or current. The word derives from Latin ancora, which itself comes from the Greek ἄγκυρα (ankȳra).
Anchors can either be temporary or permanent. Permanent anchors are used in the creation of a mooring, and are rarely moved; a specialist service is normally needed to move or maintain them. Vessels carry one or more temporary anchors, which may be of different designs and weights.
A sea anchor is a drag device, not in contact with the seabed, used to minimise drift of a vessel relative to the water. A drogue is a drag device used to slow or help steer a vessel running before a storm in a following or overtaking sea, or when crossing a bar in a breaking sea.