I just sat down in the Elephant Butt Leather for the first time a couple nights ago and I can confirm the OP's views on the Cutter. Although it's not a given that it's a 1 billion credit boat anchor. With hunting discounts and some module re-use from the previous Anaconda and T-9 I outfitted a miner for about 315 million and a hauler for about 650 million. It's definitely going to take some effort to get used to maneuvering this whale in the rings but I managed with a fairly sluggish Anaconda when every insisted I needed a Python or Krait so I bet I can adapt. Besides, I put good shields on it so if I gotta rub under a rock a bit it's fine. It's largely D-rated but engineered to get the weight down and keep the jump-range up. 42LY with 1/2 load (256T) and scoop for exploration. 38 with full load (512T) and no scoop.
The hauler is setup with better thrusters and shielding along with a full array of weapons. It's a bear to turn in a fight for sure, you can feel the difference from the Anaconda. However, it's fantastically more joyful to fly than the T-9 and it's weaponry and mass lock factor mean anything dumb enough to interdict it is either going to get destroyed or lose it's prey so a completely different experience to the T-9 which can't fight (well not good anyway), can't run, and can barely evade. I can configure it to carry 712T of cargo, jump 37LY (30LY laden) and hit 475m/s boost fully loaded. That's with armor and HRPs as well. It's a pretty fantastic upgrade to the T-9 and carries about 2.5X the price tag.
Not sure about building one as a fighting ship. It's very poor maneuverability does not suit my fancy in a CZ or Rez and I do pretty well in a Challenger that costs about 10 times less.
I think the OP is pretty bang-on regarding the Cutter. It's actually a compromise in some ways vs my Anaconda but it's capacity and protection make up for it and thus worth the trade-off. I'm still basking!!!!
