Is it really possible to encode arbitrary data in a single emoji?

tl;dr: yes, although I found an approach without ZWJ. In fact, you can encode data in any unicode character. This sentence has a hidden message󠅟󠅘󠄐󠅝󠅩󠄜󠄐󠅩󠅟󠅥󠄐󠅖󠅟󠅥󠅞󠅔󠄐󠅤󠅘󠅕󠄐󠅘󠅙󠅔󠅔󠅕󠅞󠄐󠅝󠅕󠅣󠅣󠅑󠅗󠅕󠄐󠅙󠅞󠄐󠅤󠅘󠅕󠄐󠅤󠅕󠅨󠅤󠄑.