It can be used to symbolically represent the 'origin' or 'starting point' of something. This is because text usually starts from the top left, as in 'The beginning of everything ↖️.'

It's an emoji that often appears when explaining a game controller's joystick or directional pad. It's also visually effective for guiding the eye to a specific point in a design or presentation, or for emphasizing the first step of a complex process.