On an acoustic, no. The width of the body and the neck-joint is such that you can't fret them normally anyway - your thumb won't go past the neck-joint, so you're reduced to using a "floating" left-hand. And if you're going to do that, it's just as easy to use the classical-style reaching down the fretboard, and that means you don't need a cutaway.

On an electric, definitely. An electric body isn't much thicker than the neck itself, so you can get your hand around it. It's useable and it helps.

YMMV...

Graham.