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+1F367 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “shaved ice” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: dessert, ice, restaurant, shaved, sweet.
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:
Shaved ice is a large family of ice-based desserts made of fine shavings of ice and sweet condiments or syrups. Usually, the syrup is added after the ice has been frozen and shaved—typically at the point of sale; however, flavoring can also be added before freezing. The dessert is consumed worldwide in various forms and ways. Shaved ice can also be mixed with large quantities of liquid to produce shaved ice drinks.
Many shaved ices are confused with "Italian ice", which is derived from the similar Italian dessert known as "granita". However, Italian ice, also known as "water ice", often has the fruit juice or other ingredients, like almond, incorporated into the sugared water before it is frozen. Shaved ice—especially highly commercial shaved ice (such as that found in food chains or from street vendors)—is often flavored after the ice has been frozen and shaved. Snow cones are an example of shaved ice that is flavored after production.