It's a trend using font-ligatures in icon fonts. The icon names are stored in the font files as ligatures.
The advantage is: You don't need to create css classes for each icon, and the html code is shorter.
So you can write
<i class="icon">arrow-left</i>
instead of
<i class="fa fa-arrow-left"></i>
Which version of both has the better browser performance? (in the 1st example, the CSS file does not contain the additional classes, in the 2nd example, the font does not have any ligatures).
Probably a better performance than both would have this:
<i class="icon"></i>
no icon classes + no ligatures, but then the char codes must not change when more icons are added to the font, and you have to know all char codes. You also could insert the char directly, but the editors probably will not display it.