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+1F348 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “melon” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: cantaloupe, fruit.
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 melon is any of various plants of the family Cucurbitaceae with sweet, edible, and fleshy fruit. The word "melon" can refer to either the plant or specifically to the fruit. Botanically, a melon is a kind of berry, specifically a "pepo". The word melon derives from Latin melopepo, which is the latinization of the Greek μηλοπέπων (mēlopepōn), meaning "melon", itself a compound of μῆλον (mēlon), "apple", treefruit (of any kind)" and πέπων (pepōn), amongst others "a kind of gourd or melon". Many different cultivars have been produced, particularly of cantaloupes.