I assumed it as some sort of default separator that comes in between the breadcrumb list items. The default separator appears as shown below :
But my main concern was to know what it actually meant and how it works? Also, if there was a way to change the default separator?
I got the following results to my question.
The content property is used to add content. It is used with the :before and :after pseudo-elements. Speaking for \00a0, it is hexadecimal code for a non-breaking space. So, the combined code provides a non-breakable space between the two list items in breadcrumb.