Yes, many have left out those two verses, "One day I was riding in
a beautiful land......" and the verse beginning: "I circled their
camp for a time or two......". Not only for the length of the tune,
but because, it may be considered offensive to Native Americans, like
using the term "Redskin".
In the olden days like Eddy Arnold's version, the length of the track
would have been more of an issue for radio play, that is correct; but
now it would be for both of those reasons.

Johnny Cash leaves (I mean left, considering that he's deceased) those verses out, as well as the verses:
"I got just as lonesome as a man could be......"
and the verse that starts:
"Stirrup to stirrup, and side by side;......"

He recorded it live, and was included on the album "American Recordings". His version is the one I first became familiar with.

Isn't the time limit for a song on the radio now 4 minutes?