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+1F432 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “dragon face” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: animal, dragon, face, fairy, fairytale, tale.
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 Chinese dragon (Chinese: 龍; pinyin: lóng), also loong, is a legendary creature in Chinese mythology, Chinese folklore, and Chinese culture at large. Chinese dragons have many animal-like forms such as turtles and fish, but are most commonly depicted as snake-like with four legs. Academicians have identified four reliable theories on the origin of the Chinese dragon: snakes, Chinese alligators, thunder worship and nature worship. They traditionally symbolize potent and auspicious powers, particularly control over water.