This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as ice skating rink.
The glyph is not a composition. Its width in East Asian texts is determined by its context. It can be displayed wide or narrow. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+26F8 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “ice skate” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: ice, skate.
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:
Ice skates are metal blades attached underfoot and used to propel the bearer across a sheet of ice while ice skating.
The first ice skates were made from leg bones of horse, ox or deer, and were attached to feet with leather straps. These skates required a pole with a sharp metal spike that was used for pushing the skater forward, unlike modern bladed skates.
Modern skates come in many different varieties, each suited to specific conditions or activities. People aross the globe wear skates recreationally in ice rinks or on frozen bodies of water, and skates are the standard footwear in many sports, including figure skating, bandy, ice hockey, ringette, rink bandy, rinkball, speed skating and tour skating.