cutback vs reduction

cutback and reduction both are nouns.

Word	Noun	Adjective	Verb	Adverb
cutback	Yes	No	No	No
reduction	Yes	No	No	No

As nouns, reduction is a hypernym of cutback; that is, reduction is a word with a broader meaning than cutback:

Other hypernyms of cutback include decrease, diminution, step-down.

cutback (noun)	reduction (noun)
a reduction in quantity or rate	the act of decreasing or reducing something
	the act of reducing complexity
	any process in which electrons are added to an atom or ion (as by removing oxygen or adding hydrogen); always occurs accompanied by oxidation of the reducing agent