The expression it cuts both ways is used to say that something has both a positive and negative affect. Something that is cut both ways has advantages and disadvantages. This is an idiomatic expression used in both social and professional contexts.

1. Not everything is good or bad, black or white. In life, things have a tendency to cut both ways.
2. In the new tax will cut both ways I will receive less in my paycheque but benefit from reduced medical expenses.

1. My recent promotion cuts both ways because while I'll be earning more money, the extra responsibility and workload means that I will have less time to spend with my family.
2. The business owner says that he expects total loyalty from his staff, but that cuts both ways -  it is only fair that he should be equally supportive of them.