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. U+26D4 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “no entry” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: do, entry, fail, forbidden, no, not, pass, prohibited, traffic.
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:
One-way traffic (or uni-directional traffic) is traffic that moves in a single direction. A one-way street is a street either facilitating only one-way traffic, or designed to direct vehicles to move in one direction. One-way streets typically result in higher traffic flow as drivers may avoid encountering oncoming traffic or turns through oncoming traffic. Residents may dislike one-way streets due to the circuitous route required to get to a specific destination, and the potential for higher speeds adversely affecting pedestrian safety. Some studies even challenge the original motivation for one-way streets, in that the circuitous routes negate the claimed higher speeds.