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Difference between Cut both ways and Have it both ways

cut both wayshave a mixed effect; have both favorable and unfavorable results:

  • In the Griese family, father and son are both cool, which cuts both ways.

have it both ways

1. have both of two incompatible things or situations:

  • We all want to have it both ways: take frequent days off, but still have plenty of money.

2. (sl.) have both homosexual and heterosexual tastes (also: walk both sides of the street):

  • People who have it both ways are seldom lonely.