Strictly speaking, the symbol isn't anything... it's nonsense. The closest thing to a FET with an emitter would be an IGBT, but that would be drawn with diagonal connecting lines, not horizontal. Some people have the bad habit of drawing a MOSFET that way, I suppose in reference to an NPN (the arrow represents the common terminal) or JFET (hence the horizontal and vertical lines).
Incidentally, the conventional enhancement mode symbol (a gate, with three line segments parallel, and the arrow pointing into (N channel) or away (P) from the center segment) already shows the body diode (that's what the arrow means!), so any symbol with a parallel diode (usually zener) is amusingly redundant.
Aaaanyway, the circuit is missing three things:
1. Low gate bias (i.e., only a 100k) is fine, but the low voltage zener is a problem (or, concern at least). Low voltage zeners are rather conductive. Since this is just to protect the gate in dropout, anything from 6V (where the leakage isn't too bad) up to Vgs(max), 20V or so, is fine.
2. Resistor value. This is Vbe/Iout. Something like a 2N3904 would give maybe 0.6V, so you'd need 0.5-0.6 ohms for that current. 0.47 is close, but a bit high in current.
3. Vbe value. A darlington has double the Vbe of a plain BJT... so you've actually got a 2A+ current sink here.
4. Optional, but good to have: if Q2 fails shorted, full supply current (give or take) can flow into Q1 base, nuking it as well. A series resistor, like 1k from source to base, prevents that.
You didn't mention over what voltage or temperature range it has to operate, so I can't really comment on how suitable those aspects are. It won't be good: loop gain is low so it will be voltage sensitive; minimum dropout is Vbe + Iout * Rds(on), or over 2V; Vbe (for a plain BJT under linear conditions) varies roughly from 0.8V (0C or below) to 0.5V or less (100C or above), give or take bias (with the relatively low bias current through the 100k, this might be 0.1-0.15V lower still). It's somewhat temperature stable, in that as it heats up, current drops. But it's not a protective mechanism, because it will never actually shut off.
If operating voltage is only 11-13V, efficiency won't be bad, but if it needs to tolerate, like, 15-20V for long periods of time, it might be worth considering a switching circuit to save the losses and heatsink. Needless to say if it's battery powered or something, you can also pretty much double battery life in that case.
Tim