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+1F934 prohibits a line break after it, if it’s followed by an emoji modifier.
The CLDR project calls this character “prince” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: crown, fairy, fairytale, fantasy, king, royal, royalty, tale.
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: 🤴︎ The character can be changed in appearance, if it is followed by an emoji modifier. See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A prince is a male ruler (ranked below a king, grand prince, and grand duke) or a male member of a monarch's or former monarch's family. Prince is also a title of nobility (often highest), often hereditary, in some European states. The female equivalent is a princess. The English word derives, via the French word prince, from the Latin noun prīnceps, from primus (first) and caput (head), meaning "the first, foremost, the chief, most distinguished, noble ruler, prince".