Since you always can combine identities to come up with new identities they can't all have names. Of course you can come up with names as easy as you can come up with identities, but those don't get widely accepted as easily. This means that it's normally the most basic identities that get a name.
It's also the usefulness of identities that makes them get a name.
I would say that this identity fails in both categories, it's too complex and not that widely used.
One should note that in set algebra and boolean algebra at a more advanced level one can rely on truth tables to determine if an identity is valid so there is no actual need to manipulate expressions. One simple moves from one expression to the form that is convenient. This removes much of the need of names for identities.