The name of the emoji is quite descriptive, this emoji is similar to 🤭 Face with Hand over Mouth used to express polite snickering, but with open eyes. Can be used to express a shock. It may be a positive shock describing hyperbolic surprise or awe, or a negative shock communicating feelings of being overwhelmed.
Face with Open Eyes and Hand over Mouth emoji was added to Emoji 14.0 in 2021 to resolve vendor compatibility. So Apple can move their design of Face with Hand over Mouth to the new emoji.