This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it is written from left to right. When changing direction it is not mirrored. If its East Asian Width is βnarrowβ, U+1F192 forms a word with similar characters, which prevents a line break inside it. Otherwise it allows line breaks around it, except in some numeric contexts.
The CLDR project calls this character βCOOL buttonβ for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: COOL.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: ποΈ See the Emojipedia for more details on this characterβs emoji properties.
The Wikipedia has the following information about this codepoint:
Coolness, or being cool, is an aesthetic of attitude, behavior, comportment, appearance, and style that is generally admired. Because of the varied and changing interpretation of what is considered cool, as well as its subjective nature, the word has no single meaning. For most, coolness is associated with exemplifying composure and self-control. When used in conversation, it is often as an expression of admiration or approval, and can be used when referencing both people and items of interest. Although commonly regarded as slang, cool is widely used among disparate social groups and has endured in usage for generations.