The problem with Undo reverting the clipboard state is that Undo is usually file or app-local, but the clipboard is shared. You can cut from app A, switch to app B, cut something else from app B, then go back to app A and undo the cut.

“Ghost cut” can work across apps with reasonable undo support by not using the clipboard at all and some form of IPC instead. For example, when you cut from app B before resolving the cut from app A, app A could be notified to cancel its cut.

I think this is much less intuitive than the current convention though.