The Epsilon Editor Hole Cutter is a great tool. terrain_cut gobs are laggy, and indeed a lovely message tells us to prefer using the Hole Cutter over the terrain_cut gobs.
However, presently, the Hole Cutter has a rather problematic issue that the holes are not persisted on server resets or crashes. And while myself and other people have mentioned it on #gamesupport on Discord, or sought help with it, I cannot find a report of it here, so I thought it would be a good idea to write one up.
More specifically: the changes from terrain holes remain through logins, different characters visiting the phases/etc, but when the server resets or crashes, the terrain holes vanish, and need replacement. For now, many people have reverted to just using the gobs again, but this is suboptimal.