This answer is a complement to the conclusion in Georges' answer.
First, construct a rational map $\sigma:\mathbb{P}^2\dashrightarrow\mathbb{P}^4$ defined by $$(x_0:x_1:x_2)\mapsto(x_0^2:x_0 x_1:x_0 x_2:x_1 x_2:x_2^2) $$
Obviously $\sigma$ is not defined only at $(0:1:0)$, and it is easy to check that the closure of the image of $\mathbb{P}^2$ under $\sigma$ is exactly $X$ (actually $\sigma=\varphi^{-1}$!).
Claim: $X$ is isomorphic to $\mathbb{P}^2$ blown-up at $(0:1:0)$, and $\sigma$ is exactly the blow-up map.
Consider the Veronese embedding $\bar\sigma:\mathbb{P}^2\rightarrow\mathbb{P}^5$ defined by $$
(x_0:x_1:x_2)\mapsto(x_0^2:x_0 x_1:x_0 x_2:x_1 x_2:x_2^2:x_1^2)
$$
The projection map $\pi:\mathbb{P}^5\dashrightarrow \mathbb{P}^4$ is defined by omitting the last homogeneous coordinate of $\mathbb{P}^5$, then obviously $\sigma=\pi\circ\bar\sigma$. Denote $\bar X=\bar\sigma(\mathbb{P}^2)$, thus we get a rational map $\pi:\bar X\dashrightarrow X$.
The center $p$ of projection $\pi$ is $p=(0:0:0:0:0:1)=\bar\sigma(0:1:0)\in \bar X$, hence $X$ is the projection of $\bar X$ with center $p\in\bar X$. Since $\bar X$ contains no lines (otherwise the preimage of this line must have degree $1/2$ in $\mathbb{P}^2$!) and every line through $p$ passes at most one other point in $\bar X$ (counting multiplicity, because $\bar X$ is the intersection of quadratic hypersurfaces), $\pi:\bar X\dashrightarrow X$ is exactly the blow-up map of $\bar X$ at $p$. Therefore, $\sigma=\pi\circ\bar\sigma$ is the blow-up map of $\mathbb{P^2}$ at $(0:1:0)$, and $\varphi$ is the blow-down map.