I dont ever think I have cut that, just pushed them out usually. Reason is what keep the drum on afterwards in theory? The area it swedges into is gone. Never screwed up a stud either.
If you push the studs out without cutting the swedged part of the drum, you will enlarge the stud holes in the hub and a new stud is much less likely to be tight when driven in. It can actually ruin the hub. ....and they don't grow on trees.