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+1F976 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “cold face” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: blue-faced, cold, freezing, frostbite, icicles.
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:
Cold is the presence of low temperature, especially in the atmosphere. In common usage, cold is often a subjective perception. A lower bound to temperature is absolute zero, defined as 0.00K on the Kelvin scale, an absolute thermodynamic temperature scale. This corresponds to −273.15 °C on the Celsius scale, −459.67 °F on the Fahrenheit scale, and 0.00 °R on the Rankine scale.
Since temperature relates to the thermal energy held by an object or a sample of matter, which is the kinetic energy of the random motion of the particle constituents of matter, an object will have less thermal energy when it is colder and more when it is hotter. If it were possible to cool a system to absolute zero, all motion of the particles in a sample of matter would cease and they would be at complete rest in the classical sense. The object could be described as having zero thermal energy. Microscopically in the description of quantum mechanics, however, matter still has zero-point energy even at absolute zero, because of the uncertainty principle.