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+1F388 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “balloon” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: celebration.
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 balloon is a flexible membrane that can be inflated with a gas, such as helium, hydrogen, nitrous oxide, oxygen, and air. For special tasks, balloons can be filled with smoke, liquid water, granular media (e.g. sand, flour or rice), or light sources. Modern day balloons are made from materials such as rubber, latex, polychloroprene, or a nylon fabric, and can come in many different colors. Some early balloons were made of dried animal bladders, such as the pig bladder. Some balloons are used for decorative purposes or entertaining purposes, while others are used for practical purposes such as meteorology, medical treatment, military defense, or transportation. A balloon's properties, including its low density and low cost, have led to a wide range of applications.
The rubber balloon was invented by Michael Faraday in 1824, during experiments with various gases. He invented them for use in the lab.