Is it possible to create a new webpage similar to the submission page that directs users to if they cancel a form?
How do the users cancel a form for you? You can redirect users on the 'Thank You' page to a different website.
Are you storing form data in a database and then doing a lookup for which ones to cancel? If so, you can just create a separate process to do this.
The use case for this button is simply to cancel and close out the form instead of submitting. It is not intended to close out/cancel a running business process at all. Let me know if you need further explanation.