I know that, but that is inconsistent and that inconsistency _is_ the reason the Finder resisted implementing it for years, and why it doesn't have cut-paste to this day, but does have move.
It is hard to find things from decades ago on the web, but see https://www.quora.com/Why-does-Apple-not-provide-a-cut-funct... (2011). The answer from Eduo-Gutiérrez IMO points to the same.
The Apple Human Interface guidelines also are fairly clear on the fact that the clipboard behaves like a real object. My 1987 edition says (page 81):
The Clipboard holds whatever is cut or copied from a document. Its contents stay intact when the user changes documents, opens a desk accessory, or leaves the application.
That certainly is not the way Excel behaves.
Also,on page 83, discussing the Cut menu item:
When the user chooses Cut, the application removes the current selection from the document and puts it in the Clipboard, replacing the Clipboard's previous contents.
[...]
If the user chooses Paste immediately after choosing Cut, the document is just as it was before the Cut.