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+1F9F5 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “thread” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: needle, sewing, spool, string.
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 thread is a long strand of material, often composed of several filaments or fibres, used for joining, creating or decorating textiles. Ancient Egyptians were known for creating thread using plant fibers, wool and hair. Today, thread can also be made of many different materials including but not limited to cotton, wool, linen, nylon, silk, polyester etc. There are also metal threads (sometimes used in decorative textiles), which can be made of fine wire.
Thread is similar to yarn, cord, twine, or string, and there is some overlap between the way these terms are used. However, thread is most often used to mean materials fine and smooth enough for sewing, embroidery, weaving, or making lace or net. Yarn is often used to mean a thicker and softer material, suitable for knitting and crochet. Cords, twines or strings are usually stronger materials, suitable for tying and fastening.