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+1F487 prohibits a line break after it, if it’s followed by an emoji modifier.
The CLDR project calls this character “person getting haircut” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: barber, beauty, chop, cosmetology, cut, groom, hair, haircut, parlor, person, shears, style.
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:
A hairstyle, hairdo, haircut, or coiffure refers to the styling of hair, usually on the human head but sometimes on the face or body. The fashioning of hair can be considered an aspect of personal grooming, fashion, and cosmetics, although practical, cultural, and popular considerations also influence some hairstyles.
The oldest known depiction of hair styling is hair braiding, which dates back about 30,000 years. Women's hair was often elaborately and carefully dressed in special ways, though it was also frequently kept covered outside the home, especially for married women.