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+1F9CC offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “troll” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: fairy tale, fantasy, monster.
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 troll is a being in Nordic folklore, including Norse mythology. In Old Norse sources, beings described as trolls dwell in isolated areas of rocks, mountains, or caves, live together in small family units, and are rarely helpful to human beings.
In later Scandinavian folklore, trolls became beings in their own right, where they live far from human habitation, are not Christianized, and are considered dangerous to human beings. Depending on the source, their appearance varies greatly; trolls may be ugly and slow-witted, or look and behave exactly like human beings, with no particularly grotesque characteristic about them.
Trolls are sometimes associated with particular landmarks in Scandinavian folklore, which at times may be explained as formed from a troll exposed to sunlight. Trolls are depicted in a variety of media in modern popular culture.