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+1F381 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “wrapped gift” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: birthday, bow, box, celebration, christmas, gift, present, surprise, wrapped.
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 gift or present is an item given to someone without the expectation of payment or anything in return. An item is not a gift if it is already owned by the recipient. Although gift-giving might involve an expectation of reciprocity, a gift is intended to be free. In many countries, the act of mutually exchanging money, goods, etc., may sustain social relationships and contribute to social cohesion. Economists have elaborated the economics of gift-giving into the notion of a gift economy. By extension, the term gift can refer to any item or act of service that makes the other happier or less sad, especially as a favor, including forgiveness and kindness. Gifts are often presented on occasions such as birthdays and holidays.