Yes, of course it is possible to cut it. And ingenious thieves may have scissors and this. But the fortified straps may be somewhat of a deterrent. (Also the strap has two cables in it, so it's not a quick one snip kind of thing.)
Eek! I thought that a cross body bag was pretty safe. There are travel bag brands that have "slash resistant/proof" straps so they can't be cut off easily. Some have steel cables sewn into the straps which adds weight. :( Travelon brand comes to mind. I have a few of their bags. In fact, I used...
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