This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as UFO.
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+1F6F8 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “flying saucer” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: UFO.
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:
A flying saucer (also referred to as a flying disc) is a descriptive term for a type of flying craft having a disc or saucer-shaped body, commonly used generically to refer to an anomalous flying object. The term was coined in 1947 but has generally been supplanted since 1952 by the United States Air Force term unidentified flying objects (or UFOs for short). Early reported sightings of unknown "flying saucers" usually described them as silver or metallic, sometimes reported as covered with navigation lights or surrounded with a glowing light, hovering or moving rapidly, either alone or in tight formations with other similar craft, and exhibiting high maneuverability.