This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as two people kissing.
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+1F48F prohibits a line break after it, if it’s followed by an emoji modifier.
The CLDR project calls this character “kiss” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: couple.
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 Glyph for U+FE0EVariation 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 kiss is the touch or pressing of one's lips against another person or an object. Cultural connotations of kissing vary widely. Depending on the culture and context, a kiss can express sentiments of love, passion, romance, sexual attraction, sexual activity, sexual arousal, affection, respect, greeting, peace, and good luck, among many others. In some situations, a kiss is a ritual, formal or symbolic gesture indicating devotion, respect, or a sacramental. The word came from Old English cyssan ("to kiss"), in turn from coss ("a kiss").