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+1F99E offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “lobster” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: animal, bisque, claws, seafood.
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:
Lobsters are malacostracans of the family Nephropidae or its synonym Homaridae. They have long bodies with muscular tails and live in crevices or burrows on the sea floor. Three of their five pairs of legs have claws, including the first pair, which are usually much larger than the others. Highly prized as seafood, lobsters are economically important and are often one of the most profitable commodities in the coastal areas they populate.
Commercially important species include two species of Homarus from the northern Atlantic Ocean and scampi (which look more like a shrimp, or a "mini lobster")—the Northern Hemisphere genus Nephrops and the Southern Hemisphere genus Metanephrops.