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+1F9F6 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “yarn” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: ball, crochet, knit.
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:
Yarn is a long continuous length of interlocked fibres, used in sewing, crocheting, knitting, weaving, embroidery, ropemaking, and the production of textiles. Thread is a type of yarn intended for sewing by hand or machine. Modern manufactured sewing threads may be finished with wax or other lubricants to withstand the stresses involved in sewing. Embroidery threads are yarns specifically designed for needlework. Yarn can be made of a number of natural or synthetic materials, and comes in a variety of colors and thicknesses (referred to as "weights"). Although yarn may be dyed different colours, most yarns are solid coloured with a uniform hue.