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. The word that U+2716 forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “multiply” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: ×, cancel, multiplication, sign, x.
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 Glyph for U+FE0FVariation Selector-16: ✖️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
The multiplication sign (×), also known as the times sign or the dimension sign, is a mathematical symbol used to denote the operation of multiplication, which results in a product.
The symbol is also used in botany, in botanical hybrid names and the heavy goods vehicle industry, to calculate the amount of powered wheels.
The form is properly a four-fold rotationally symmetric saltire. The multiplication sign × is similar to a lowercase X (x) which is not a four-fold rotationally symmetric saltire.