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+1F423 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “hatching chick” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: animal, baby, bird, chick, egg, hatching.
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:
The chicken (Gallus domesticus) is a large and round short-winged bird, domesticated from the red junglefowl of Southeast Asia around 8,000 years ago. Most chickens are raised for food, providing meat and eggs; others are kept as pets or for cockfighting.
Chickens are common and widespread domestic animals, with a total population of 26.5 billion as of 2023, and an annual production of more than 50 billion birds. A hen bred for laying can produce over 300 eggs per year. There are numerous cultural references to chickens in folklore, religion, and literature.