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+1F382 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “birthday cake” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: bday, birthday, cake, celebration, dessert, happy, pastry, 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 Glyph for U+FE0EVariation Selector-15: 🎂︎ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A birthday cake is a cake eaten as part of a birthday celebration. While there is no standard for birthday cakes, they are typically highly decorated layer cakes covered in frosting, often featuring birthday wishes ("Happy birthday") and the celebrant's name. In many cultures, it is also customary to serve the birthday cake with small lit candles on top, especially in the case of a child's birthday. Variations include cupcakes, cake pops, pastries, and tarts.