Not sure about "cuts" because I've never heard of them, but the holes are called "porting". They were originally included in barrel design to create an "air cushion" to make them more accurate. That has since been proven wrong, but they porting makes your marker's sound when firing a lot quiter, depending on how much porting you have.
But be careful, the more porting you have the quieter your marker will be, but the more inefficient it will become.