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+1F334 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “palm tree” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: palm, tree.
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 Arecaceae () is a family of perennial, flowering plants in the monocot order Arecales. Their growth form can be climbers, shrubs, tree-like and stemless plants, all commonly known as palms. Those having a tree-like form are called palm trees. Currently, 181 genera with around 2,600 species are known, most of which are restricted to tropical and subtropical climates. Most palms are distinguished by their large, compound, evergreen leaves, known as fronds, arranged at the top of an unbranched stem, except for the Hyphaene genus, who has branched palms. However, palms exhibit an enormous diversity in physical characteristics and inhabit nearly every type of habitat within their range, from rainforests to deserts.
Palms are among the best known and most extensively cultivated plant families. They have been important to humans throughout much of history. Many common products and foods are derived from palms. In contemporary times, palms are also widely used in landscaping. In many historical cultures, because of their importance as food, palms were symbols for such ideas as victory, peace, and fertility.