This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as cremated (genealogy).
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+26B1 forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “funeral urn” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: ashes, death, funeral, urn.
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:
An urn is a vase, often with a cover, with a typically narrowed neck above a rounded body and a footed pedestal. Describing a vessel as an "urn", as opposed to a vase or other terms, generally reflects its use rather than any particular shape or origin. The term is especially often used for funerary urns, vessels used in burials, either to hold the cremated ashes or as grave goods, but is used in many other contexts.
Large sculpted vases are often called urns, whether placed outdoors, in gardens or as architectural ornaments on buildings, or kept inside. In catering, large vessels for serving tea or coffee are often called "tea-urns", even when they are metal cylinders of purely functional design.
Urns are also a common reference in thought experiments in probability wherein marbles or balls of different colors are used to represent different results and the urn represents the "container" of the whole set of possible states.