This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as mortarboard and education.
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+1F393 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “graduation cap” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: cap, celebration, clothing, education, graduation, hat, scholar.
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:
The square academic cap, graduate cap, cap, mortarboard (because of its similarity in appearance to the mortarboard used by brickmasons to hold mortar) or Oxford cap is an item of academic dress consisting of a horizontal square board fixed upon a skull-cap, with a tassel attached to the centre. In the UK and the US, it is commonly referred to informally in conjunction with an academic gown as a "cap and gown". It is also sometimes termed a square,: 17 trencher,: 17 : 915 or corner-cap. The adjective academical is also used.
The cap, together with the gown and sometimes a hood, now form the customary uniform of a university graduate in many parts of the world, following a British model.