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+1F91D prohibits a line break after it, if it’s followed by an emoji modifier.
The CLDR project calls this character “handshake” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: agreement, deal, hand, meeting, shake.
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 Glyph for U+FE0EVariation 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 handshake is a globally widespread, brief greeting or parting tradition in which two people grasp one of each other's hands, and in most cases, it is accompanied by a brief up-and-down movement of the grasped hands. Customs surrounding handshakes are specific to cultures. Different cultures may be more or less likely to shake hands, or there may be different customs about how or when to shake hands.