As for how common they are, we learn about them in any introductory calculus course when defining derivatives. You come across the idea whenever discussing limits, if somewhat obliquely.
If I learned about it in high school math, and again in "real" math courses at my university, I'd say it's pretty standard.
Also, you seem to be conflating "common" with "standard". "standard" is a mathematical term. Infinitesimal are handwavy in standard analysis (epsilon-delta are the rigorous alternative), but exist rigorously in nonstandard analysis.
There are other instances where I've had a need for such a smallest positive number, where logic is simplified as opposed to checking for 0 in a special way. Whether there's an agreed upon term for that, I know where I've found value in programming tasks.
When I need such a thing, it is almost invariably in comparisons, so I am not doing arithmetic with multiple instances of that smallest representable positive number.