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+1F9F8 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “teddy bear” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: bear, plaything, plush, stuffed, teddy, toy.
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 teddy bear is a stuffed toy in the form of a bear. Developed apparently simultaneously by toymakers Morris Michtom in the U.S. and Richard Steiff under his aunt Margarete Steiff's company in Germany in the early 20th century, the teddy bear, named after President Theodore Roosevelt, became a popular children's toy and has been celebrated in story, song, and film.
Since the creation of the first teddy bears (which sought to imitate the form of real bear cubs), "teddies" have greatly varied in form, style, color, and material. They have become collector's items, with older and rarer teddies appearing at public auctions. Teddy bears are among the most popular gifts for children, and they are often given to adults to signify affection, congratulations, or sympathy.