From my limited knowledge of human physiology .I don't think 24h is enough to trigger catabolism. You still have some fat reserves, and if you exercise/lift during the cut, you probably will even gain muscle.
YMMV
There are ways to temporarily spike muscle synthesis, and one of them is eating a protein rich meal. This specific mechanism has a refractory period in the order of magnitude of hours. Intermittent fasting robs you of the ability to spike muscle synthesis as many times per day as you could otherwise.
This effect is not massive. Your body is pretty good at optimizing this stuff. But when you are cutting, in particular, or trying to bulk without putting on significant fact, these minor optimizations can add up.