cutting off vs haircut

cutting off and haircut both are nouns.

Word	Noun	Adjective	Verb	Adverb
cutting off	Yes	No	No	No
haircut	Yes	No	No	No

As nouns, haircut is a hyponym of cutting off; that is, haircut is a word with a more specific, narrower meaning than cutting off:

Other hyponyms of cutting off include clip, clipping, snip, clipping, trim, trimming, shearing.

cutting off (noun)	haircut (noun)
the act of shortening something by chopping off the ends	the act of cutting the hair
the act of cutting something off	the style in which hair has been cut