It only defines the diameter of the particles but can be composed of very different elements. From salt that dissolves in the lungs to toxic metals.
Currently it is extremely difficult to get a comprehensive understanding of the health impacts of these particles.
Much more research needs to be done to understand which particle compositions and thus what sources of air pollution (eg traffic, wildfires, factories, landfills, ports etc) have what kind of health effects.
If you are interested to see an image how different PM2.5 particle look like, have a look at the photo in this blog post that one of our in-house scientists wrote [1].
[1] https://www.airgradient.com/blog/pm25-is-not-pm25/
(Edited and replaced weight with diameter)