Yea, that is a tool strop, I do have one similar for carving tools that I keep in my tool bag, with Chrome Oxide, Ferrous Oxide and 1.0 Diamond Paste. The forth strop is plain leather.

The problem with using this kind of strop for razors is keeping it free of contamination. You set it down and the bottom strop will pick up anything on the counter, and you can never get it all off the strop. All that grit is abrasive and will scratch a bevel. While it may not be a big deal for a carving tool or plane blade, small chips on razors make skin bleed.

The finer the grit, the more critical contamination becomes.

The second warning sign is the term Red, Green, White & Black Compounds, these are polishing compounds of unknown grit size and unknown grit. The green often contains little or no Chromium Oxide, again fine for tools and some knives, not for razors.

Buy razor quality Chrome Oxide from known providers. It is not that expensive.