This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as cheers.
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+1F37B offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “clinking beer mugs” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: bar, beer, clink, drink, mug.
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 toast is a ritual during which a drink is taken as an expression of honor or goodwill. The term may be applied to the person or thing so honored, the drink taken, or the verbal expression accompanying the drink. Thus, a person could be "the toast of the evening", for whom someone "proposes a toast" to congratulate and for whom a third person "toasts" in agreement. The ritual forms the basis of the literary and performance genre, of which Mark Twain's "To the Babies" is a well-known example.
The toast as described in this article is rooted in Western culture, but certain cultures outside that sphere have their own traditions in which consuming a drink is connected with ideas of celebration and honor. While the physical and verbal ritual of the toast may be elaborate and formal, merely raising one's glass towards someone or something or clinking glasses with someone else's and then drinking is essentially a toast as well, the message being one of goodwill towards the person or thing indicated.