The documentation for the createmultisig RPC is here. It is a utility RPC rather than say a wallet RPC.
Creates a multi-signature address with n signature of m keys required. It returns a json object with the address and redeemScript.
As always it is hard to know if anyone is using it but the deriveaddresses RPC offers a superset of the functionality offered by createmultisig and so deriveaddresses would be recommended over createmultisig.
It was discussed whether the createmultisig RPC should be deprecated here. It was argued that rather than the RPC being entirely deprecated (and potentially breaking downstream projects if any are using it) documentation could be added to encourage users to use deriveaddresses instead so that createmultisig is effectively "soft" deprecated. This could be added in a future PR.
Personally I'm considering removing the associated RPC functional test when I run the test runner locally as I don't think the RPC is being used and hence the test is offering minimal value. But it won't be removed from the test runner in Core without deprecation of the RPC and that looks unlikely at the time of writing.
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