This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F396 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “military medal” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: award, celebration, medal, military.
This character is designated as an emoji. It will be rendered as monochrome character on conforming platforms. To enable colorful emoji display, you can combine it with Variation Selector-16: 🎖️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
Military awards and decorations are distinctions given as a mark of honor for military heroism, meritorious or outstanding service or achievement. A decoration is often a medal consisting of a ribbon and a medallion.
Civil decorations awarded to military personnel should not be considered military decorations, although some orders of chivalry have civil and military divisions. Decorations received by police and fire brigade personnel may sometimes be considered alongside military decorations, on which they may be modelled, although they are strictly not military awards.