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+1F978 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “disguised face” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: disguise, face, glasses, incognito, nose.
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:
Groucho glasses, also known as nose glasses, the beaglepuss, or the GM 20/20s, are a humorous novelty disguise which function as a caricature of the stage makeup used by the comedian Groucho Marx in his movies and vaudeville performances. They typically consist of black frames (either round or horn-rimmed) with attached features including bushy eyebrows, a large plastic nose, bushy moustache, and sometimes a plastic cigar. Considered one of the most iconic and widely used of all novelty items in the world, Groucho glasses were marketed as early as the 1940s and are instantly recognizable to people throughout the world. The glasses are often used as a shorthand for slapstick and are depicted in the Disguised Face (🥸) emoji.