Using the perl internals through Data::Peek's DPeek, you'll see both versions if UTF-8 is in effect without the fragile use of utf8 function calls. It also shows the importance of using utf8 in your example code.
$ perl -MData::Peek -wE'my $data = "Euro symbol: € | I \N{U+276
+4}\N{U+FE0F} \N{U+1F42A}"; DPeek $data'
PV("Euro symbol: \303\242\302\202\302\254 | I \342\235\244\357\270\217
+ \360\237\220\252"\0) [UTF8 "Euro symbol: \x{e2}\x{82}\x{ac} | I \x{2
+764}\x{fe0f} \x{1f42a}"]
$ perl -Mutf8 -MData::Peek -wE'my $data = "Euro symbol: € | I \N{U+276
+4}\N{U+FE0F} \N{U+1F42A}"; DPeek $data'
PV("Euro symbol: \342\202\254 | I \342\235\244\357\270\217 \360\237\22
+0\252"\0) [UTF8 "Euro symbol: \x{20ac} | I \x{2764}\x{fe0f} \x{1f42a}
+"]
$ perl -Mutf8 -MData::Peek -wE'my $data = "Euro symbol: \xe2\x82\xac |
+ I \xe2\x9d\xa4\xef\xb8\x8f \xf0\x9f\x90\xaa"; DPeek $data'
PV("Euro symbol: \342\202\254 | I \342\235\244\357\270\217 \360\237\22
+0\252"\0)
Enjoy, Have FUN! H.Merijn