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+1F9FF offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “nazar amulet” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: amulet, bead, blue, charm, evil-eye, nazar, talisman.
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:
An eye bead or naẓar (from Arabic نَظَر [ˈnaðˤar], meaning 'sight', 'surveillance', 'attention', and other related concepts) is an eye-shaped amulet believed by many to protect against the evil eye. The term is also used in Azerbaijani, Bengali, Hebrew, Hindi–Urdu, Kurdish, Pashto, Persian, Punjabi, Turkish and other languages. In Turkey, it is known by the name nazar boncuğu (the latter word being a derivative of boncuk, "bead" in Turkic, and the former borrowed from Arabic), in Greece it is known as máti (μάτι, 'eye'). In Persian and Afghan folklore, it is called a cheshm nazar (Persian: چشم نظر) or nazar qurbāni (نظرقربانی). In India and Pakistan, the Hindi-Urdu slogan chashm-e-baddoor is used to ward off the evil eye. In the Indian subcontinent, the phrase nazar lag gai is used to indicate that one has been affected by the evil eye.
The nazar was added to Unicode as U+1F9FF🧿NAZAR AMULET in 2018.