This character is a Other Symbol and is commonly used, that is, in no specific script.
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. U+2701 offers a line break opportunity at its position, except in some numeric contexts.
The Wikipedia has the following information about this codepoint:
Scissors are hand-operated shearing tools. A pair of scissors consists of a pair of blades pivoted so that the sharpened edges slide against each other when the handles (bows) opposite to the pivot are closed. Scissors are used for cutting various thin materials, such as paper, cardboard, metal foil, cloth, rope, and wire. A large variety of scissors and shears all exist for specialized purposes. Hair-cutting shears and kitchen shears are functionally equivalent to scissors, but the larger implements tend to be called shears. Hair-cutting shears have specific blade angles ideal for cutting hair. Using the incorrect type of scissors to cut hair will result in increased damage or split ends, or both, by breaking the hair. Kitchen shears, also known as kitchen scissors, are intended for cutting and trimming foods such as meats.
Inexpensive, mass-produced modern scissors are often designed ergonomically with composite thermoplastic and rubber handles.