Yes, it is a benchmark - used for levelling when surveying the maps. It cannot be said that the location was higher than surrounding land (as this one is on the corner of the outbuilding north of Knavingcots), but was certainly more visible from surrounding benchmarks. As mentioned, heights were from Liverpool on this map. Later (after 1921) heights were taken from mean sea level at Newlyn in Cornwall.
BTW, The symbol used for benchmarks is from a similar origin as the arrows on convict clothing way back when.