Cutthroat is essentially MK9 Kano with a vastly improved upclose game and more footsie options. I need to play Cybernetic in versus matches to get a feel for it, but the gameplan is slightly different. Cutthroat f2,1,2 is basically MK9 b1,1,2. Only difference is that you use f2,1 and then hitconfirm into the last hit as some characters can punish the last hit where in MK9 with b1 u used the first hit as a poke and you finished the string in footsies. You get the fight to about 3/4 and tip jump range. If the opponent jumps too close to you you just upball but if they jump at near max range you can walk back and punish them with f2 as they land. You also have the option to use bladeslice to start offence from it's max range or to maybe safely catch people neutral ducking knives too close to you as it has slightly more range than Cyber b2 or use it to catch backdashes when you are rushing someone down. Going in with f4 and sometimes cancelling it with bladeslice also pushes the opponent back a lot which you want to do since Cutthroat has good corner pressure.
I see the mid hitting Cyber knife as a tool to build meter and force people to jump or block rather than neutral duck, which, in combination with the b2-series increases Kano's effective range to near fullscreen. Seems like a good gameplan as you can rack up decent damage without taking hardly any risks at all. In Cybernetic you just have weaker damage output, you have weaker punishment and upclose game as well as a weaker corner game. After scoring a knockdown or ending combos with bf3 or the 1+3 ender you just chill, hang back and throw knives, walk around and fish for launches with b2,3 again and repeat the process until your opponent is dead. With Cutthroat you want to always end combos with bf3 and fuck around with their wakeups and pressure them. Despite the Cutthroat b1 having no range the opponent can't jump, backdash, or armor forever after putting themselves at negative frames, they are going to have to block and when they do you instant run cancel into the b1. It gives Kano that huge bullshit factor other characters have with their unseeable 50/50's but what Cybernetic just doesn't have.
Match-up wise I see Cutthroat as the better version against characters you can't outzone in Cybernetic. I would only use Cybernetic against anyone who has to get close to Kano.