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+1F47A offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “goblin” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: creature, face, fairy tale, fantasy, monster.
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:
Tengu (Japanese: 天狗, lit.'Heavenly Dog')( TENG-goo, Japanese pronunciation:[teŋgɯ]) are a type of legendary creature found in Shinto belief. They are considered a type of yōkai (supernatural beings) or Shinto kami (gods or spirits). The Tengu were originally thought to take the forms of birds of prey and a monkey deity, and they were traditionally depicted with human, monkey, and avian characteristics. Sarutahiko Ōkami is considered to be the original model of Konoha-Tengu (a supernatural creature with a red face and long nose), which today is widely considered the Tengu's defining characteristic in the popular imagination. He is the Shinto monkey deity who is said to shed light on Heaven and Earth. Some experts theorize that Sarutahiko was a sun god worshiped in the Ise region prior to the popularization of Amaterasu.
Buddhism long held that the Tengu were disruptive demons and harbingers of war. Their image gradually softened, however, into one of protective, if still dangerous, spirits of the mountains and forests. Tengu are associated with the ascetic practice of Shugendō, and they are usually depicted in the garb of its followers, the yamabushi.