Poon, what you are referring to is more of a roundhouse than just a cutback. Cutbacks can and are done to an extent. Obviously because of the way a wake tracks down the line riding is much more applicable. Attempts have been made, it is really difficult to have enough space and it is obviously really easy to lose speed/forward momentum, but in bowl situation with two boats and/or under wide turning situations a skilled rider (one that already knows how to do a roundhouse in the surf), can get pretty close.
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