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+27BF forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “double curly loop” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: curl, curly, double, loop.
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:
In typography, a dingbat (sometimes more formally known as a printer's ornament or printer's character) is an ornament, specifically, a glyph used in typesetting, often employed to create box frames (similar to box-drawing characters), or as a dinkus (section divider). Some of the dingbat symbols have been used as signature marks or used in bookbinding to order sections.
In the computer industry, a dingbat font or pi font is a computer font that has symbols and shapes located at the code points normally designated for alphabetical or numeric characters. This practice was necessitated by the limited number of code points available in 20th century operating systems. Modern computer fonts containing dingbats are based on Unicode encoding, which has unique code points for dingbat glyphs.