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 acts as Other Neutral. When changing direction it is not mirrored. U+1F331 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “seedling” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: plant, sapling, sprout, young.
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: 🌱︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A seedling is a young sporophyte developing out of a plant embryo from a seed. Seedling development starts with germination of the seed. A typical young seedling consists of three main parts: the radicle (embryonic root), the hypocotyl (embryonic shoot), and the cotyledons (seed leaves). The two classes of flowering plants (angiosperms) are distinguished by their numbers of seed leaves: monocotyledons (monocots) have one blade-shaped cotyledon, whereas dicotyledons (dicots) possess two round cotyledons. Gymnosperms are more varied. For example, pine seedlings have up to eight cotyledons. The seedlings of some flowering plants have no cotyledons at all. These are said to be acotyledons.
The plumule is the part of a seed embryo that develops into the shoot bearing the first true leaves of a plant. In most seeds, for example the sunflower, the plumule is a small conical structure without any leaf structure. Growth of the plumule does not occur until the cotyledons have grown above ground. This is epigeal germination. However, in seeds such as the broad bean, a leaf structure is visible on the plumule in the seed. These seeds develop by the plumule growing up through the soil with the cotyledons remaining below the surface. This is known as hypogeal germination.