“Frame” is “rendered frame.” Unreal does most of its timing and simulation in frames – it has had a variable frame rate physics engine since forever, for example, to make physics line up to rendered frames. And, in this case, “cut” is “camera cut” (the cinematographic term,) not “scissor cut” (the snipping term.)
It’s an absolutely legitimate interpretation, it’s just 100% ambiguous – both of them are valid!
As they say: two things are hard in computer science: cache invalidation, and naming things…