I use all of the pathfinder functions pretty regularly. Just this morning in fact on another project. I'm really only being first-world spoiled in looking for this solution in the appearance panel so that I can maintain live type. Often I just need to adjust a word or even just a letter then reprint long after the original job was delivered and installed for a derivative project of the customer. Cut lines aren't the only application either – sometimes it's just a matter of either blending the text or differentiating the text from its background. I won't save a ton of time over a year, but some. The copy, paste in front, expand, outline strokes, unite, stroke with magenta routine can get tricky if there are gradient or textured fills in any of the layers because then another mask often needs to be applied. Another thing that happens is that I lock or hide the magenta stroke (usually in its own layer) to continue creating the whole scene. Then of course I forget to unlock or unhide it and later discover I've moved its target when I unlock. 8^P. So....Adobe.....maybe...please...could make that work? 8^)
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