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+1F366 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “soft ice cream” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: cream, dessert, food, ice, icecream, restaurant, serve, soft, sweet.
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:
Soft serve, also known as soft ice, is a frozen dessert and variety of ice cream, similar to conventional ice cream, but softer and less dense due to more air being introduced during freezing. Soft serve has been sold commercially since the late 1930s in the United States.
In the United States, soft serve is not typically sold prepackaged in supermarkets but is common at fairs, carnivals, amusement parks, restaurants (especially fast food and buffet), and specialty shops. All ice cream must be frozen quickly to avoid crystal growth. With soft serve, this is accomplished by a special machine that holds pre-mixed product at a very low, but not frozen, temperature at the point of sale.