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+1F98E offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “lizard” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: animal, reptile.
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:
Lizard is the common name used for all squamate reptiles other than snakes (and to a lesser extent amphisbaenians), encompassing over 7,000 species, ranging across all continents except Antarctica, as well as most oceanic island chains. The grouping is paraphyletic as some lizards are more closely related to snakes than they are to other lizards. Lizards range in size from chameleons and geckos a few centimeters long to the 3-meter-long Komodo dragon.
Most lizards are quadrupedal, running with a strong side-to-side motion. Some lineages (known as "legless lizards") have secondarily lost their legs, and have long snake-like bodies. Some lizards, such as the forest-dwelling Draco, are able to glide. They are often territorial, the males fighting off other males and signalling, often with bright colours, to attract mates and to intimidate rivals. Lizards are mainly carnivorous, often being sit-and-wait predators; many smaller species eat insects, while the Komodo eats mammals as big as water buffalo.
Lizards make use of a variety of antipredator adaptations, including venom, camouflage, reflex bleeding, and the ability to sacrifice and regrow their tails.