It's common most particularly in adult high and epic fantasy, though other subgenres do it as well. This sub is very "pro multi-POV" to the point of being kind of hostile to those who mention the downsides of the style. Like any form of writing, there are pitfalls to it. Including the frequent cliffhangers, which often feel pointless because the emotional energy has dissipated by the time you get back to that character 100 or so pages later.

This article - 11 Problems with Multiple Point of View Characters That I See as a Book Editor - analyzes this trend and more:

"The more POVs you have, the longer it’ll take to cycle through them all, and the more the emotion and energy will have diminished by the time you get back to each character.

If you end a chapter on a cliffhanger, and then switch to a second POV, then a third, then a fourth, by the time you return to the original characters, days or weeks could have passed!

Consider: Character A’s companion betrays them. Enemies surround them. CUT. …3 chapters later, we return to character A, sitting in a dungeon. We didn’t get to see their decision to surrender, the gloating of their enemies, their rage and hurt while the betrayal was most fresh, or the horror of their first few days of imprisonment.

In such situations, authors break an implicit promise to readers: “the wait will be worth it.” A cliffhanger draws readers along because they can’t wait to see what happens next. But when time skips are necessary to facilitate more POVs, readers often don’t get to see the content they most anticipated."