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+1FA85 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “piñata” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: celebration, party.
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 piñata (, Spanish pronunciation:[piˈɲata] ) is a container, often made of papier-mâché, pottery, or cloth, that is decorated, filled with candy, and then broken as part of a celebration. Piñatas are commonly associated with Mexico.
The idea of breaking a container filled with treats came to Europe in the 14th century. The Spanish brought the European tradition to Mexico, although there were similar traditions in Mesoamerica, such as the Aztecs' honoring the birthday of the god Huītzilōpōchtli in mid-December. According to local records, the Mexican piñata tradition began in the town of Acolman, just north of Mexico City, where piñatas were introduced for catechism purposes as well as to co-opt the Huitzilopochtli ceremony.
Today, the piñata is still part of Mexican culture, the cultures of other countries in Latin America, as well as the United States, but it has mostly lost its religious character.