It has its ups and downs as a plaything (2-2)

I believe the answer is:

yo-yo

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'plaything' is the definition.
(I know that yo-yo is a type of plaything)

I cannot understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for yo-yo that I've seen before include "Spinning toy" , "Go up and down many times" , "Toy consisting of a reel and string" , "Toy again in fashion" , "Toy (with ups-and-downs!)" .)

I've seen this clue in The Globe and Mail.

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