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+1F380 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “ribbon” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: celebration.
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 ribbon or riband is a thin band of material, typically cloth but also plastic or sometimes metal, used primarily as decorative binding and tying. Cloth ribbons are made of natural materials such as silk, cotton, and jute and of synthetic materials, such as polyester, nylon, and polypropylene. Ribbon is used for useful, ornamental, and symbolic purposes. Cultures around the world use ribbon in their hair, around the body, and as ornament on non-human animals, buildings, and packaging. Some popular fabrics used to make ribbons are satin, organza, sheer, silk, velvet, and grosgrain.