Against knives, that's a terrible position. In bladed arts like kali, escrima, and penjak silat, you see it appear as the briefest of transition phases, usually if you have a blade yourself but it's not a position to hold.
With your arms crossed over like that, it's easy to control and trap both arms with one hand, allowing your attacker's free hand (the knife) to repeatedly stab you in the abdomen. It's especially vulnerable to the classic prison shank maneuver.
The more practical stance I've seen is somewhat like a tight boxer's guard ("Peek-a-boo" style). Trying to google it, this manga boxer pic is pretty close - imagine this except hands open palm with the fingertips coming just below your eyes and your legs brought close together (to protect the arteries on inner legs).
Just like peek-a-boo boxing, you'll be using a bit of bob and weave, a lot of body movement to angle, and you may transition into covering your neck with your hands or bringing one arm to cover the sides quickly. The other half is offensive - you want the knife gone ASAP and that means either attacking the weapon arm, getting control, or grabbing a nearby object as a weapon or shield.
Unlike taking blunt strikes from an unarmed person, nearly everything is a target to a knife, and you can't afford to keep taking hits. You will not be in any particular stance for very long, as you either have to get rid of the knife, run, or you'll be in a bad position while they're stabbing you and trying to figure out what you're going to do next.
Ideally you move yourself to a flanking position outside of the weapon arm with some control and then break that arm/stun it and get the knife out.