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+1F454 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character โnecktieโ for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: clothing, employed, serious, shirt, tie.
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: ๐๏ธ See the Emojipedia for more details on this characterโs emoji properties.
The Wikipedia has the following information about this codepoint:
A necktie, or simply a tie, is a piece of cloth worn for decorative purposes around the neck, resting under the shirt collar and knotted at the throat, and often draped down the chest.
Variants include the ascot, bow, bolo, zipper tie, cravat, and knit. The modern necktie, ascot, and bow tie are descended from the cravat. Neckties are generally unsized but may be available in a longer size. In some cultures, men and boys wear neckties as part of office attire or formal wear. Women wear them less often. Neckties can also be part of a uniform. Neckties are traditionally worn with the top shirt button fastened, and the tie knot resting between the collar points.