This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as mochi balls on skewer.
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+1F361 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “dango” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: dessert, Japanese, skewer, stick, sweet.
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:
Dango (団子) is a Japanese dumpling made with regular rice flour and glutinous rice flour. They are usually made in round shapes, and three to five pieces are served on a skewer, which is called kushi-dango (串団子). The pieces are eaten with sugar, syrup, red bean paste, and other sweeteners. Generally, dango falls under the category of wagashi (Japanese confectionery), and is often served with green tea. It is eaten year-round, but the different varieties are traditionally eaten in given seasons. Dango is sometimes compared with mochi, but is different in that mochi is generally made only with glutinous rice.
A popular type of dango, the hanami dango, has been made into a Unicode emoji (🍡).