On my machine, terminating the process would release the CPU usage returning things to what I would consider normal, however upon restarting the machine the issue would return and the service would be running again consuming 15-20% CPU.
In the end, what fixed it for me was...
1. To disable Across Device Sharing in Settings > Apps > Advanced App Settings > Share Across Devices, select "Off".
2. To disable the "Mobile Devices" start-up app in Task Manager > Startup apps, right-click "Mobile Devices" and select "Disable".
After that, upon restarting/booting the machine, I would no longer have the Microsoft Cross Device Service running in the background and my CPU would be around 5% idle.