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+1F47F offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “angry face with horns” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: angry, demon, devil, evil, face, fairy, fairytale, fantasy, horns, imp, mischievous, purple, shade, 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:
An imp is a European mythological being similar to a fairy or demon, frequently described in folklore and superstition. The word may perhaps derive from the term ympe, used to denote a young grafted tree.
Imps are often described as troublesome and mischievous more than seriously threatening or dangerous, and as lesser beings rather than more important supernatural beings. The attendants of the devil are sometimes described as imps. They are usually described as lively and having small stature.