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+1F423 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “hatching chick” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: baby, bird, chick, hatching.
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:
Egg incubation is the process by which an egg, of oviparous (egg-laying) animals, develops an embryo within the egg, after the egg's formation and ovipositional release. Egg incubation is done under favorable environmental conditions, possibly by brooding and hatching the egg.
Multiple and various factors are vital to the incubation of various species of animal. In many species of reptile for example, no fixed temperature is necessary, but the actual temperature determines the sex ratio of the offspring. In birds in contrast, the sex of offspring is genetically determined, but in many species a constant and particular temperature is necessary for successful incubation. Especially in poultry, the act of sitting on eggs to incubate them is called brooding. The action or behavioral tendency to sit on a clutch of eggs is also called broodiness, and most egg-laying breeds of poultry have had this behavior selectively bred out of them to increase production.