It’s also generally a shell builtin. Though you do find an executable called cd too for compatibility reasons.
On my Fedora system, /usr/bin/cd is just a shell script that invokes the shell builtin:
#!/usr/bin/sh
builtin cd "$@"
I suppose it could be useful for testing whether a directory exists with search permissions for the current user safely in a multithreaded program that relies on the current directory remaining constant.