The 780 mV forward drop at 7.5 A is typical for a 80 V Schottky — you trade a slightly higher Vf than a 40 V part for the 80 V headroom. The fast-recovery spec (≤500 ns, >200 mA) means it handles switching frequencies well above line frequency, suitable for the output stage of a 48 V or 60 V bus converter where Schottky's low reverse-recovery charge keeps switching losses down.
Obsolete — plan the replacement now
STMicroelectronics lists the STPS15SM80CR as Obsolete. The common-cathode dual-Schottky in a TO-262 footprint is a standard topology — a parametric search for a 80 V, 15 A total (2×7.5 A) dual Schottky in a through-hole TO-262 or TO-220 will turn up active alternatives from ST, ON Semiconductor, and Diodes Inc. that drop in with minor layout review.
Through-hole I²PAK — board-mount and thermal notes
The TO-262-3 (I²PAK) package is a through-hole variant of the D²PAK surface-mount footprint — same die attach, same thermal pad area, but with leads that solder into plated through-holes. The tab is the common cathode connection; the two anode pins are the individual diode anodes. Junction temperature is rated to 175 °C max, so the part can run hot in a cramped enclosure if the tab is bolted to a heatsink or a large copper pour.