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+1F490 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “bouquet” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: anniversary, birthday, date, flower, love, plant, romance.
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 flower bouquet is a collection of flowers in a creative arrangement. Flower bouquets can be arranged for the decor of homes or public buildings or may be handheld. Several popular shapes and styles classify handheld bouquets, including nosegay, crescent, and cascading bouquets. Flower bouquets are often given for special occasions such as birthdays, anniversaries or funerals. They are also used extensively in weddings and at the Olympic Medal Ceremonies. Bouquets arranged in vases or planters for home decor can be placed in traditional or modern styles. According to the culture, symbolism may be attached to the types of flowers used.