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+2B07 forms with similar adjacent characters prevents a line break inside it.
The CLDR project calls this character “down arrow” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: arrow, cardinal, direction, down, south.
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:
The arrow symbol ↓ may refer to:
The downward direction, a relative direction
The keyboard cursor control key, an arrow key
A downwards arrow, a Unicode arrow symbol
Logical NOR, operator which produces a result that is the negation of logical OR
An undefined object, in mathematical well-definition
A mathematical symbol for "approaching from above"
A comma category, in category theory
Down (game theory), a mathematical game
The ingressive sound, in phonetics
An APL function
"Decreased" (and similar meanings), in medical notation
The precipitation of an insoluble solid, in chemical notation