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+1F602 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character βface with tears of joyβ for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: crying, face, feels, funny, haha, happy, hehe, hilarious, joy, laugh, lmao, lol, rofl, roflmao, tear.
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: ποΈ See the Emojipedia for more details on this characterβs emoji properties.
On Youtube this character is sometimes wrongly displayed as U0001f602.
The Wikipedia has the following information about this codepoint:
Face with Tears of Joy (π) is an emoji depicting a face crying with laughter. It is part of the Emoticons block of Unicode, and was added to the Unicode Standard in 2010 in Unicode 6.0, the first Unicode release intended to release emoji characters. One of the most popular emoji, Face with Tears of Joy was proclaimed the Word of the Year by Oxford English Dictionary in 2015. It is used in order to express emotion.