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+1F32D offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “hot dog” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: frankfurter, hotdog, sausage.
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 hot dog is a dish consisting of a grilled, steamed, or boiled sausage served in the slit of a partially sliced bun. The term hot dog can refer to the sausage itself. The sausage used is a wiener (Vienna sausage) or a frankfurter (Frankfurter Würstchen, also just called frank). The names of these sausages commonly refer to their assembled dish. Hot dog preparation and condiments vary worldwide. Typical condiments include mustard, ketchup, relish, onions in tomato sauce, and cheese sauce. Other toppings include sauerkraut, diced onions, jalapeños, chili, grated cheese, coleslaw, bacon and olives. Hot dog variants include the corn dog and pigs in a blanket. The hot dog's cultural traditions include the Nathan's Hot Dog Eating Contest and the Oscar Mayer Wienermobile.
These types of sausages were culturally imported from Germany and became popular in the United States. It became a working-class street food in the U.S., sold at stands and carts. The hot dog became closely associated with baseball and American culture. Although particularly connected with New York City and its cuisine, the hot dog eventually became ubiquitous throughout the US during the 20th century. Its preparation varies regionally in the country, emerging as an important part of other regional cuisines, including Chicago street cuisine.