The ><
icon in the status bar is the Remote Window Indicator. It will only show up if you have the VS Code Remote Development extensions installed
When working in a remote workspace, the Remote Window Indicator expands to show information about the remote you are connected to:
You can click on the Remote Window Indicator to see a list of remote commands. If you are not connected to a remote workspace, these commands will help you setup a connection. If you are connected, the commands will help you manage the remote workspace.