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. The word that U+2796 forms with similar adjacent characters prevents a line break inside it. The glyph can be confused with one other glyph.
The CLDR project calls this character “minus” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: -, −, heavy, math, sign.
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:
The plus sign (+) and the minus sign (−) are mathematical symbols used to denote positive and negative functions, respectively. In addition, + represents the operation of addition, which results in a sum, while − represents subtraction, resulting in a difference. Their use has been extended to many other meanings, more or less analogous. Plus and minus are Latin terms meaning "more" and "less", respectively.
The forms ⟨+⟩ and ⟨−⟩ are used in many countries around the word. Other designs include ⟨﬩⟩ for plus and ⟨⁒⟩ for minus.