This action gets created not only for WooCommerce, it is independent of the plugin you are using. This action will get created or not depends upon the gateway you are using.
Purpose of this action:
This action ensures that when payment gets completed at payment gateway ends, the status reflects at WordPress end also. This is a cron to periodically check the payment status using payment gateway APIs. This process is also know as “Payment Status Polling“. This process enhance the customer experience and reduce the number of support tickets at store end.
For every pending/open payment, we check the status 4 times.
1. After 15 minutes of the payment initiation.
2. After 30 minutes
3. After 1 hour
4. Last attempt after 1 day.
I hope you get the idea of this process. Let us know if you need further help. For now I am closing the ticket, if you need further help, feel free to contact.