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+1F31E offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “sun with face” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: beach, bright, day, face, heat, shine, sun, sunny, sunshine, weather.
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 solar symbol is a symbol representing the Sun.
Common solar symbols include circles (with or without rays), crosses, and spirals.
In religious iconography, personifications of the Sun or solar attributes are often indicated by means of a halo or a radiate crown.
When the systematic study of comparative mythology first became popular in the 19th century, scholarly opinion tended to over-interpret historical myths and iconography in terms of "solar symbolism".
This was especially the case with Max Müller and his followers beginning in the 1860s in the context of Indo-European studies. Many "solar symbols" claimed in the 19th century, such as the swastika, triskele, Sun cross, etc. have tended to be interpreted more conservatively in scholarship since the later 20th century.