At Princeton, there were no cuts; and I've not heard of baseball related cuts in conversations since he graduated. But, not everyone who matriculated stayed on the team for 4 years. In my son's 4 years, 2 seniors quit during fall practice - there were some good freshmen; one more player left school during the season for personal reasons.
Every year, every player- whether recruited or the few walk-ons - got a full, honest shot at playing time. Past performance (e.g., left off the travel squad the prior year) was not a hindrance to becoming the #1 starter the next year.
That's what happens when you only get 6-8 slots a year; plenty of time for a player to grow, to mature, and to develop (in every collegiate way).