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+1F474 prohibits a line break after it, if it’s followed by an emoji modifier.
The CLDR project calls this character “old man” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: adult, bald, elderly, gramps, grandfather, grandpa, man, old, wise.
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: 👴︎ The character can be changed in appearance, if it is followed by an emoji modifier. See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
Old age is the range of ages for people nearing and surpassing life expectancy. People of old age are also referred to as: old people, elderly, elders, senior citizens, seniors or older adults. Old age is not a definite biological stage: the chronological age denoted as "old age" varies culturally and historically. Some disciplines and domains focus on the aging and the aged, such as the organic processes of aging (senescence), medical studies of the aging process (gerontology), diseases that afflict older adults (geriatrics), technology to support the aging society (gerontechnology), and leisure and sport activities adapted to older people (such as senior sport).
Old people often have limited regenerative abilities and are more susceptible to illness and injury than younger adults. They face social problems related to retirement, loneliness, and ageism.
In 2011, the United Nations proposed a human-rights convention to protect old people.