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+1F968 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “pretzel” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: convoluted, twisted.
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 pretzel ( from German: Breze(l), Bretzel, pronounced[ˈbʁeːtsl̩] or [ˈbʁɛtsl̩]) is a type of baked pastry made from dough that is commonly shaped into a knot. The traditional pretzel shape is a distinctive symmetrical form, with the ends of a long strip of dough intertwined and then twisted back onto itself in a particular way (a pretzel loop or pretzel bow). Today, pretzels come in various shapes, textures, and colors, but the original soft pretzel is still one of the most common pretzel types to date.
Salt is the most common seasoning, or topping, for pretzels, complementing the washing soda or lye treatment that gives pretzels their traditional skin and flavor acquired through the Maillard reaction. Other toppings are mustard, cheeses, sugar, chocolate, cinnamon, sweet glazing, seeds, and nuts. Varieties of pretzels include soft pretzels, which should be eaten shortly after preparation, and hard-baked pretzels, which have a long shelf life.