Each Vector has two parts, direction and magnitude we call them, but No, Vector doesnt

only mean a quantity that has direction and magnitude. Actually many quantities have
both direction and magnitude arent vectors for example Rotations. So what is a vector
actually?? Vector is something that follows all the properties of vectors. When a branch
of mathematics or any science is established, we take a set of axioms to be true and base
that branch on these axioms. Thus vectors have some certain properties that makes it a
vector. these properties can be found in any standard textbook
Now coming to the common concept that vector is a quantity that has both magnitude and
direction. This conception comes as we can represent many quantities(especially the
ones being used in Physics commonly) as vector with two information, direction and
magnitude.
Lets see how Vectors are actually used in describing motion of an object. To describe
the linear or translational motion of an object(point sized for simplicity), we have to give
3 information, 1. Its line of travel, 2. Its speed 3. Its sense of direction. Sense of
direction means about the line of travel, which direction the object is moving. For this we
use an arrowhead showing which direction the body is moving along the line of travel.
For describing rotational motion, we also need 3 information, 1. Its axis of rotation 2.
its rotational speed 3. its sense of rotation(clockwise or anti-clockwise). Now, number 1
and 3 of both motions can be compressed and be called direction and taking number 2 as
magnitude, we normally describe these using a single quantity that is a vector and apply
the rules developed for vector quantities, not because the quantity has magnitude and
direction but because it follows the vector properties. Note here we can only describe
instantaneous angular velocity(/displacement/acceleration) as a vector because it follows
Vector properties whereas large angle rotations dont as we stated above.
Now we see above that Vectors are used to describe motion but we also see from a careful
study that a vector that describes the motion of a particle need not look just like the path
of the particle. For example during rotation, particle follows a circular path in plane of
rotation, but its vector description has direction along the axis and points either up or
down depending on right hand rule(which is just a convenient method, left hand rule also
works fine). So vectors are just a method of describing something, mostly motion in
physics, using which we can solve the problem of dealing with motion of something and
many other things.
Another magical beauty of Vector is that we can make anything(describe anything as) a
vector magically as long as it follows Vector property! It may seem that area is a simple
quantity that need not have anything associated with it other than value but we can add a
direction with it and since it follows vector properties we use it as vector in solving many
problems of physics, this is quite important(For example Force is a vector and pressure is
a scaler since in most cases the directional sense of pressure isnt necessary, we have to
describe area as a vector and thus make pressure scaler for making our works easier!)

However at the end of the day, yes, vector quantities do have two things, one we can call
its magnitude and another its direction. Here we must remember an important thing,
when a Vectors magnitude remain the same but direction is different, it is a totally
different vector! So if a vector changes in direction but not in magnitude in respect with
time, it has a rate of change(This is the reason there is acceleration in Circular motion
with constant velocity.) Usually the change representing vector is perpendicular if the
magnitude remains the same. And in the same way, it is intuitive that when magnitude
changes its completely a new vector and following the same sequence when both
magnitude and direction changes, its a new vector too.
Here is something that I have mentioned two times during the article, finite angle
rotations arent vector. This picture proves it.