This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as amusement park.
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+1F3A0 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “carousel horse” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: carousel, entertainment, horse.
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 carousel or carrousel (mainly North American English), merry-go-round (international), Galloper (international) or roundabout (British English) is a type of amusement ride consisting of a rotating circular platform with seats for riders. The "seats" are traditionally in the form of rows of wooden horses or other animals mounted on posts, many of which are moved up and down by gears to simulate galloping, to the accompaniment of looped circus music.
Carousels are commonly populated with horses, each horse weighing roughly 100 lbs (45 kg), but may include a variety of mounts, for example pigs, zebras, tigers, or mythological creatures such as dragons or unicorns. Sometimes, chair-like or bench-like seats are used, and occasionally mounts can be shaped like aeroplanes or cars.
The names carousel and merry-go-round are also used, in varying dialects, to refer to a distinct piece of playground equipment.