Fortunately we know quite a bit about Egyptian cosmetics both from literary evidence (like recipes and mentions of cosmetics in papyri), and archaeological evidence (particularly when it comes to offerings of cosmetics in tombs). But basically any cosmetic cream or make up claiming to be harnessing some ancient wisdom is bound to be poppycock, and if it mentions Cleopatra, doubly so.

To begin with that cream does not sound very similar to that which was used by upper class Egyptian women in the days of Cleopatra or before. Generally speaking, while poorer men and women would have had to settle for moisturisers made of castor oil or linseed oil, those of means tended to prefer more expensive unguents made of animal fats and fragranced with scents like frankincense and myrrh or floral scents from roses, lilies and the lotuses were also prized. Beeswax is included in some recipes for ointments such as one from the Ebers Papyrus which recommends

To remove facial wrinkles: frankincense gum, wax, frech balanites oil and rushnut should be finely ground and applied to the face every day.

These were necessary in Egypt's hot arid climate and because Egyptians had a habit of bathing frequently, which meant that skin and hair was at risk of being dried and damaged by the harsh environment and soaps. Not only was this an issue of vanity but by properly maintaining one's skin the risk of infections from cracked or damaged skin is reduced. Oils were also sacred, and were used to anoint statues or as offerings, vessels for their containment and tools for the application of makeup are often present in burials or listed as wanted offerings in funerary inscriptions. However despite the importance of makeup and ointments to Egyptian fashion, medicine and spirituality there is no evidence that they held any ancient secrets we can not figure out for ourselves today. For instance, we know that oils have to be replenished after exposing the skin to harsh or drying chemicals or environments, and the use of vegetable or animal based oils is a staple of cosmetics the world over, the same is true of natural fragrances.

Beyond that, different ointments and concoctions were employed depending on whether it was intended as a daily skincare or for treating an acute condition such as a burn or insect bite. Special ointments were prescribed for varying purposes ranging from stretchmarks to skin infections and these tended to be specifically created with the idea that the ingredients included would have some special action against whatever they were intended to treat.

Honey was a well known culinary and medicinal ingredient but as an unpasteurised sweetener it would not have done much good as an everyday facial ointment and I do not know of any recipes incorporating it. The use of bee pollen, propolis and royal jelly as ingredients is also more in line with modern trends of all-natural facial products than with ancient Egyptian recipes. The claims of simplicity in ingredients and preparation would also not have been a selling point in ancient Egypt where the expensive and rare (often imported) ingredients of high end cosmetics endowed them with a hefty price tag and the accompaning prestige associated with such luxuries.

Technically, olive oil was used in some facial creams along with balanos, sesame and moringa, but as I mentioned vegetable oils were generally considered to be of lower quality while expensive and luxurious unguents were perceived as being superior, although of course this had more to with perceptions of the products themselves rather than any actual difference in efficacy.

When it came to makeup intended to give a specific hue, mineral and ore based compounds were generally used including malachite, galena, and hematite which were ground in palettes to be applied around the eyes especially.

We can not say for certain what products Cleopatra would have used personally, although the tombs of Pharaohs that have been discovered often contain cosmetics that give us an insight into their cosmetic preferences. But that particular cream you describe is part of an ancient tradition, as cosmetics and cures supposedly created and used by Cleopatra have been pseudo-epigraphically attributed to her. From the 2nd Century AD Roman physician Galen who lists cures for hair loss and skin condition allegedly authored by Cleopatra, to Byzantine authors who praise her knowledge of cosmetics and gynaecology, it is evident that people have been using recipes favoured by "Cleopatra" for a long time. This only makes sense if take into account that Egypt has had a reputation for medical wisdom and an association with cosmetics for millenia and that Cleopatra herself is described as both a seductive and vain woman, and as having especial knowledge of cosmetics, poisons and medicines along with being associated with various contemporary physicians such as Philotas and Diodorus Phacas, in various ancient historical traditions.

Of course it is impossible to assess the veracity of these claims, and any extrapolation that could be made from such late evidence points towards her reputation in this regard but not towards contemporary proofs.

When it comes to ancient descriptions of her cosmetic use we are similarly limited, generally the mentions of her use of perfumes and cosmetics takes on a more negative meaning in Roman poetic accounts such as Lucan's Pharsalia, Book 10

There in her fatal beauty lay the Queen Thick daubed with unguents...

...Upon their brows Chaplets were placed of roses ever young With glistening nard entwined; and in their locks Was cinnamon infused, not yet in air Its fragrance perished, nor in foreign climes; And rich amomum from the neighbouring fields.

But Lucan is famously taken with poetic license and he was writing from a distance of more than a century from the events he described. We actually have little to no idea what kind of cosmetic use Cleopatra employed, but it is safe to say she would have used various skin ointments and moisturisers as part of her routine.